Volvo truck profits land to $ 1.3 billion in the last quarter

The profits of the Swedish truck and bus manufacturer Volvo witnessed a decline during the last quarter of last year, in light of the company’s struggle in the face of the decline in demand for heavy trucks in markets that include Europe.

The company said in a statement, on Wednesday, that the modified operating profits decreased during the last quarter to 14 billion coron (about $ 1.3 billion) as a result of a decline in demand for heavy trucks and construction equipment.

Bloomberg News indicated that the Swedish Volvo companies, Daimler Track Holding, and Truck Truck Manufacturing suffer from pressure to reduce expenses in light of the decline in demand for their products in Europe and price pressure on their profitability.

These companies also face the threat of US President Donald Trump to impose additional customs duties on US imports.

For its part, the Volvo Truck Board, a completely separate company for the Swedish Volvo Karz company for passenger cars owned by Chinese investors, suggested that regular cash distributions worth 8 corona per share and additional distributions of 10.05 corona per share for last year.