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Volvo Q2 profit up on cost savings, effiency schemes; sales remain flat

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STOCKHOLM — Swedish truck maker AB Volvo says profit in the second quarter jumped 21 percent on the back of cost savings, efficiency schemes and streamlined production.

Net profit in the April to June period jumped to 2.5 billion kronor ($365 million) from 2.1 billion a year earlier. Sales were marginally down at 72.6 billion kronor compared with 72.8 billion kronor the same period last year.

CEO Olof Persson said in a statement Friday that truck sales have developed particularly well in North America and Japan with increased market shares during the quarter, but that was offset by declines in South American and the sluggish European market.

He said ongoing restructuring schemes and an efficiency program launched last year are working as planned for the Goteborg-based company.

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