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Volvo returns to profit

March 24, 2014 2:21 am

Geely-owned Volvo Car Group has returned to a solid profit last year as firmer sales, above all in China, and a firm lid on costs helped it overcome a weak start to 2013 and lingering weakness in the US market, Reuters has reported. Sweden’s biggest company by sales and number of employees said 2013 operating earnings rose to 1.92 billion Swedish crowns ($301.9m) from 66 million in 2012, a year in which one-off gains from the sale of technology to its parent helped keep the carmaker in the black. The sharp rise in earnings came despite Volvo having posted a 577 million loss in the first half and full-year revenues edging lower to 122.25 billion crowns from 124.55 billion.