Truck maker Volvo's profits up 36%

Swedish truck maker Volvo said its profits surged by 36% in the third quarter due to increased sales and higher financial incomes.

The company said net profit rose to 3.8bn Swedish krona (€417m) from 2.8bn Swedish krona in the third quarter of 2010.

Sales for the period increased by 15% to 73.3bn Swedish krona from 64bn Swedish krona a year earlier.

Results were also boosted by higher operating income from Volvo’s industrial operations and other financial incomes.

Chief executive Olof Persson said demand remained favourable in most of Volvo’s markets in the third quarter.