Volvo 2006 profits leap 24.5pc
Afp, Stockholm
Swedish heavy lorry maker Volvo AB said on Friday its net profit leapt 24.5 percent in 2006 to 16.318 billion kronor (1.8 billion euros, 2.4 billion dollars), on the back of record sales. Turnover for the group -- which owns the Renault VI and Mack Truck brands -- rose 7.0 percent to a record 248.135 billion kronor from 231.191 billion in 2005, the company said in a statement. But the results were below analysts' expectations, according to a survey carried out by market research group SME Direkt. Market watchers had forecast net profit of 16.464 billion kronor and sales of 250.579 billion. "2006 was eventful, with extensive product launches and major changes in the industrial system, particularly towards the end of the year. Despite this, we posted the best year in history, in terms of sales and earnings," chief executive Leif Johansson said in the statement. The group's pre-tax profit was up 12.67 percent for the year to 20.299 billion, compared to 18.016 billion in 2005.
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