• Contact
  • Privacy Policy
  • About
  • Disclaimer
PK UK
NewsPackets
Advertisement
No Result
View All Result
No Result
View All Result
NewsPackets
PK UK
Home Business

Pandemic Puts Brakes On Volvo 2020 Earnings

February 3, 2021
in Business
4 min read
0
Pandemic Puts Brakes On Volvo 2020 Earnings
Share on FacebookShare on Twitter

Sweden’s Volvo Group, the world’s second biggest truck maker, on Wednesday reported a sharp drop in 2020 earnings due to the coronavirus pandemic, although business rebounded in the fourth quarter

Stockholm (UrduPoint / Pakistan Point News – 3rd Feb, 2021 ) :Sweden’s Volvo Group, the world‘s second biggest truck maker, on Wednesday reported a sharp drop in 2020 earnings due to the coronavirus pandemic, although business rebounded in the fourth quarter.

In 2020, the group saw “dramatic fluctuations in demand” due to the Covid-19 pandemic, chief executive Martin Lundstedt said in a statement.

For 2021, Volvo raised its sales forecasts in its trucks division — its core business — in Europe, North America and Brazil.

However, it said it also expected “production disturbances and increased costs” due to a “strained” supply chain, noting a global shortage of semiconductors across industries.

The truck making sector is particularly sensitive to the global economic situation and is usually hard hit during crises.

In March, as the pandemic took hold around the world, Volvo suspended operations at most of its sites in 18 countries and halted production at Renault Trucks, which it owns, in Belgium and France.

Operations gradually resumed mid-year, but not enough to compensate for the drop in earnings.

With annual sales down 22 percent to 338 billion kronor (33.4 billion Euros, $40 billion), the group posted a 46 percent plunge in net profit to 19.3 billion kronor (1.9 billion euros).

Operating margin fell from 11.5 to 8.1 percent.

However, the group did manage to cut costs by 20 percent.

“We have significantly improved our volume and cost flexibility, which were crucial factors behind our earnings resilience in 2020,” the group said.

Volvo’s business regained strength in the second half of the year.

“Customer usage of trucks and machines increased when the Covid-19 restrictions were eased during the summer and this development continued during both the third and fourth quarters,” it said.

“Both the transport activity and the construction business are back at levels on par with the prior year in most markets.”For the fourth quarter alone, the company reported a 38-percent rise in net profit from a year earlier.

— to www.urdupoint.com

Related articles

Pakistan win toss, bat in second South Africa Test – Business Recorder

NAB committed to making Pakistan corruption-free: chairman

Related Posts

Pakistan win toss, bat in second South Africa Test – Business Recorder

Pakistan win toss, bat in second South Africa Test – Business Recorder

February 4, 2021
0

Pakistan win toss, bat in second South Africa Test  Business Recorder -- to www.brecorder.com

NAB committed to making Pakistan corruption-free: chairman

NAB committed to making Pakistan corruption-free: chairman

February 4, 2021
0

ISLAMABAD: National Accountability Bureau (NAB) Justice (R) Javed Iqbal Wednesday said the NAB introduced a Combine Investigation Team (CIT) to benefit from the collective wisdom of...

Kashmir: Army soldier killed in Pakistan ceasefire violation on LoC

Kashmir: Army soldier killed in Pakistan ceasefire violation on LoC

February 4, 2021
0

An Indian army soldier was killed in unprovoked ceasefire violation by Pakistan on Wednesday on the Line of Control (LoC) in Jammu and Kashmir's...

ECC Approves Renewal Of SSGCL-FFBQL Gas Supply Agreement

ECC Approves Renewal Of SSGCL-FFBQL Gas Supply Agreement

February 3, 2021
0

The Economic Coordination Committee of the Cabinet (ECC) Wednesday approved the proposal of Petroleum Division for renewal of gas supply agreement (GAS) between Sui Southern Gas...

NBA Walkout Sparks Historic US Sport Boycott Over Police Shooting

Davos 2021 Summit In Singapore Postponed Until August

February 3, 2021
0

Geneva, Feb 3 (UrduPoint / Pakistan Point News - 3rd Feb, 2021 ) :The World Economic Forum said Wednesday that its annual meeting, which has already...

Next Post
Joe Root eyes illustrious records in Chennai Test against India, Sports News

Joe Root eyes illustrious records in Chennai Test against India, Sports News

Everyone needs to make domestic abuse their business

Everyone needs to make domestic abuse their business

Pakistan kicks off nationwide immunization campaign

Pakistan kicks off nationwide immunization campaign

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CATEGORIES

  • Business
  • Business
  • COVID-19
  • COVID-19
  • ShowBiz
  • ShowBiz
  • Sports
  • Sports
  • Top Stories
  • Top Stories
  • Video
  • Video

RECOMMENDED

Lockdown has made children appreciate exercise, research shows | News
Sports

Lockdown has made children appreciate exercise, research shows | News

July 6, 2020
‘PDM leaders’ frustration eminent after being rejected by masses’ – Business Recorder
Business

‘PDM leaders’ frustration eminent after being rejected by masses’ – Business Recorder

January 17, 2021

TAGS

Business News Pakistan Business News United Kingdom Entertainment News Pakistan Entertainment News United Kingdom Headlines News Pakistan ShowBiz News Pakistan ShowBiz News United Kingdom Sports News Pakistan Sports News United Kingdom Top Stories of Pakistan Top Stories of United Kingdom
NewsPackets

We bring you the best Premium Website that contains fine collection of Pakistan's news and videos. Check our category pages for details.

Copyright © 2020 NewzPackets

  • Contact
  • Privacy Policy
  • About
  • Disclaimer
No Result
View All Result
  • Home
  • Top Stories
  • Business
  • ShowBiz
  • Sports
  • COVID-19
  • Video

Copyright © 2020 NewzPackets

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist