Volvo's shares up after record first quarter profits / Photo: SAUL LOEB - AFP/File
-
Lula, Bolsonaro strike calmer tone in final Brazil election debate
-
Marc Marquez wins Australian sprint as Martin crashes out
-
'How is it possible?': Students protest Indonesian haze
-
North Korea's Kim calls for training world's 'strongest' military
-
Israel launches major West Bank operation after soldiers killed
-
Brewers edge Rays to capture World Series opener
-
Typhoon Champi knocks out power to thousands in Taiwan
-
France to deploy 70,000 police for fresh weekend protests
-
As Israeli election nears, campaign turns ugly
-
Tatum delivers as Celtics down winless Knicks
-
Oscar hopeful 'La Bola Negra' offers lessons about communicating, directors say
-
Romantasy fans ready for sleepless night as 'Court of Thorns and Roses' returns
-
Trapped: Soaring fuel costs hurt Maine lobster industry before midterms
-
De Goede hat-trick as Canada defeat England again
-
Marc Marquez beats brother Alex to Australian MotoGP pole
-
Rubio urges Cubans to work with CIA, but warns: be discreet
-
Ebola vaccine trial begins in DR Congo
-
Leclerc tops times for Ferrari in practice for US Grand Prix
-
Travelling man Wade equals Prem try record
-
Lula, Bolsonaro lock horns in final debate before Brazil vote
-
Rescuers search for seven people in Nairobi building collapse
-
Poulter and Hatton leave LIV Golf
-
Sacha Baron Cohen revives the 'problematic dinosaur' Ali G in new film
-
Blakely vaults out of the shadow of Biles for all-around world title
-
New race in Barcelona tops 17-event '27 IndyCar season
-
Oil tops $116 with stocks mixed on earnings, AI
-
Neymar backs Flavio Bolsonaro in Brazil election
-
Trump orders lawsuit to block Alaska Senate result if Republicans lose
-
Melania Trump says she brokered truce in war-torn Ukrainian city
-
Ebola patient in Nigeria is Swiss, had not visited DR Congo: Bern
-
Leclerc tops times for Ferrari in opening practice for US Grand Prix
-
Messi receives top Spanish award from heir to throne
-
Bayern Munich coach Kompany in hospital after collapsing
-
Macron condemns 'racist terrorist attack' after deadly shooting near Paris
-
Signs point to renewed major US military ops against Iran
-
Shiffrin sidesteps slalom in 'exploration' season
-
European, Mideast foreign ministers push peace and diplomacy at Istanbul talks
-
Bayern Munich coach Kompany in hospital after collapsing: club
-
Ex-All Black centre Williams undergoes 'miracle' heart surgery
-
Alonso sees Courtois similarities in Chelsea's Penders
-
Netanyahu launches major West Bank operation after Israeli soldiers killed
-
Melania Trump announces truce in Ukrainian city 'on brink of disaster'
-
AFP photographer captures striking images from West Bank attack
-
Saka to be carefully managed after latest injury setback, says Arteta
-
Oil hits $116 with stocks mixed on earnings, AI
-
Goodell says NFL's France debut 'just the beginning'
-
De Zerbi says Tottenham's dire record at Chelsea 'more motivation'
-
Singapore widens haze probe to local firms linked to Indonesian fires
-
Lula, Bolsonaro in final debate showdown before Brazil vote
-
Hundreds of Syrians protest repeated Israeli incursions
Volvo's shares up after record first quarter profits
Volvo Group's shares were up seven percent Wednesday after the Swedish truck-maker posted record first-quarter earnings, in a sign of an easing of supply chain disruptions and high costs that have plagued the auto industry.
In a preliminary report on its first-quarter earnings, released late Tuesday, Volvo announced an operating profit of 18.4 billion kronor ($17 billion), an increase of 44.9 percent year-on-year.
Net sales meanwhile rose by 24.8 percent to 131.4 billion kronor for the first quarter.
"It has been on the cards that it would be a very good quarter," financial analyst Hampus Engellau told the Swedish TT news agency.
"This is because price increases for the 2023 models, which have been ordered in the third or fourth quarter, have been implemented, costs for raw materials and energy have come down and there have been less production disruptions."
The news sent Volvo Group shares up over seven percent in the early hours of trading on the Stockholm Stock Exchange.
The auto industry has been hard hit by the supply chain crisis and shortages in raw materials caused by the Covid-19 pandemic lockdowns and the war in Ukraine.
In January, the truck-maker reported a slightly lower profit for 2022, despite a rise in sales, and warned that the "global supply chain for components is still unstable."
The group's full report on its first-quarter earnings will be published on April 20.
E.Aziz--SF-PST
