Volvo Cars earned 1,158 million euros until September, five times more

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Copenhagen, Nov 30 (EFE) .- Swedish automaker Volvo Cars posted a net profit of 11.9 billion Swedish crowns (1.158 billion euros) in the first nine months of the year, five times more than in the same period of 2020 .

The net operating profit (EBIT) amounted to 16.6 billion Swedish crowns (1.615 million euros), 363% more year-on-year, the company reported today.

The turnover was 202,000 million Swedish crowns (19,655 million euros), which represents an increase of 14%.

The third quarter was marked by the general lack of semiconductors and the new coronavirus outbreaks in Southeast Asia, which affected suppliers and caused temporary stoppages in factory production (50,000 fewer vehicles produced compared to the same period in 2020).

Thus, the net profit fell by 31%, to 2,300 million Swedish crowns (224 million euros) and the ebit was 3,300 million Swedish crowns (321 million euros), 27% lower.

Turnover amounted to SEK 60.8 billion (€ 5.916 billion), a 7% year-on-year decrease.

Volvo Cars announced its IPO in early October, after several postponements, with a public offering for the sale of shares (IPO) to raise 20 billion Swedish crowns (2 billion euros).

The Chinese firm Geely, which bought the Swedish manufacturer from the American Ford in 2010, holds about 82% of the total.

The IPO, the second largest in the history of Sweden, took place on October 29, with an initial price of 53 crowns (5.16 euros) per share.

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