Geely's Volvo posts 18per cent rise in fourth-quarter profit

Geely's Volvo posts 18per cent rise in fourth-quarter profit

Sweden's Volvo Car Group, owned by China's Geely, reported an 18per cent rise in fourth-quarter operating profit as cost cuts and growing sales more than offset the impact of subdued global auto markets.

FILE PHOTO:  A long exposure picture shows cars of Swedish automobile manufacturer Volvo displayed
FILE PHOTO: A long exposure picture shows cars of Swedish automobile manufacturer Volvo displayed in front of a showroom of Stierli Automobile AG company in St. Erhard, Switzerland April 11, 2019. REUTERS/Arnd Wiegmann/File Photo

STOCKHOLM: Sweden's Volvo Car Group, owned by China's Geely, reported an 18per cent rise in fourth-quarter operating profit as cost cuts and growing sales more than offset the impact of subdued global auto markets.

The Gothenburg-based carmaker, acquired by Geely from Ford Motor Co back in 2010, reported operating earnings of 5.29 billion Swedish crowns as revenues rose 8.4per cent to 79.2 billion.

(Reporting by Johannes Hellstrom; editin by Johan Ahlander)

Source: Reuters

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