Swedish truck maker AB Volvo said Thursday that its first quarter net profit was flat year-on-year at 4.1 billion kronor (610 million dollars).
“We did not manage to reach the same figures we achieved a year ago. But compared to the end of 2011, we see a positive development in the first quarter of 2012. The start of 2012 was still pervaded by caution, although demand gradually improved over the quarter.
The sales performance impressed investors and the company’s share price spiked 5 percent to 94.10 kronor ($13.97) in early market trading on the Stockholm stock exchange.
In the first quarter, net sales increased by 10% to SEK 78.8 billion (71.6). Adjusted for currency movements and acquired and divested units, net sales increased by 7%.
Volvo manufactures trucks and heavy vehicles, buses and construction machinery. The group includes the Volvo Aero and Volvo Penta divisions. It Volvo car division is owned by Chinese group Zhejiang Geely.