VOLVO BUSES: LOWER PROFIT OVER FOURTH QUARTER 2008
Volvo Buses recorded in the fourth quarter of 2008 an operating income of 72m Swedish crowns, compared with 93m over the same oeriod of 2007. According to the company, this lower profit resulted from the effect of currency exchange rates and continued high activity within research and development. Net sales in the period increased by 6% to 5,481m crowns (2007: 5,173 crowns); adjusted for changed exchange rates, net sales was up by 2%.
Order intake in the fourth quarter of 2008 amounted to 2,238 buses and chassis, a decrease of 18% compared to 2,717 in the preceding year. Order intake rose in Europe and North America, but was lower in other markets. During the quarter 3,080 buses (2007: 3,412) were delivered, a decrease of 10%.
A statement issued by Volvo Bus Corporation, said, 'The bus industry has been affected by the recession, but to a considerably lower degree than the rest of the
automotive industry. In Europe the coach market continues to decline whereas the city bus market is maintained by a demand for environmentally adapted buses and
hybrid buses.'
