Volvo posts $61 million profit in first quarter

Volvo AB has reported a net profit of $61.2 million for first-quarter 2003, compared with a loss of $90.1 million in the same period of 2002. Truck sales for the firm climbed 12% in the first quarter of 2003.

The Sweden-based truck manufacturer remains cautious about 2003, anticipating demand for trucks to decrease between 5% to 10% in Western Europe and be “somewhat lower” in North America, according to the Associated Press.

About 172,000 trucks are expected to be sold in North America by Volvo in 2003.