Volvo reports drop in profits

Volvo reports drop in profits

Profits from Volvo, the Swedish car and commercial vehicle maker fell from SKr16.4bn (pounds 1.5bn) to SKr13.1bn, in line with analysts forecasts. Although sales increased, forward order books weakened towards the end of the year. Healthy operating income from Volvo's truck and construction equipment divisions helped to offset a poorer performance from the company's car-making business.