Sweden's Volvo Group reports increase in sales, operating income

Volvo Group significantly increased sales and operating income in 2010, the Swedish truck giant announced February 4.

"Net sales in 2010 reached 264.7 billion kronor ($40 billion), 21 percent more than that of 2009 and full-year operating income amounted to 18 billion kronor (2.9 billion dollars) from a loss of 17 billion kronor in 2009," the company said in a statement.

"During the fourth quarter of 2010, the Volvo Group continued to grow at a good pace with higher sales in all regions, improved profitability and a very strong cash flow," said Leif Johansson, president and CEO of Volvo Group.

In the fourth quarter, net sales were up 23 percent to 73.4 billion kronor (1.2 billion dollars). Operating income improved to 5.5 billion kronor (855 million dollars) and the operating cash flow from industrial operations amounted to 15.1 billion kronor (2.3 billion dollars).

The Volvo Group also sells buses and construction machinery, including the divisions Volvo Aero andVolvo Penta. Its car division is owned by Chinese Zhejiang Geely Holding Group.