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Volvo Group Q1 Profit Climbs

Volvo Group (VOLVY.PK) reported that its net income attributable to owners of the company for the first-quarter 2019 climbed to 10.62 billion Swedish kronor or 5.22 kronor per share from last year's 5.65 billion kronor or 2.78 kronor per share, reflecting a capital gain on the sale of shares in WirelessCar amounting to 1.47 billion kronor.

Reported operating income amounted to 14.16 billion kronor compared to 8.30 billion kronor last year. Currency movements had a positive impact of 1.21 billion kronor.

Quarterly net sales increased by 20% to 107.21 billion kronor from 89.14 billion kronor last year. Adjusted for currency movements, net sales increased 12%.

Vehicle sales increased by 15% adjusted for currency movements, primarily driven by higher volumes of trucks, construction equipment and buses. All regions contributed to the sales growth. Adjusted for currency movements, service sales increased by 4%, reflecting a growing installed population and good utilization of customer fleets.

Total truck net order intake in the first-quarter decreased by 36% to 45,884 trucks while deliveries increased by 14% to 58,594 vehicles.

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