Despite a consolidated loss in 2009, Volvo
Financial Services said it saw signs of recovery in the last months
of the year.
The customer finance arm of the
Swedish truck maker recorded an operating loss of SEK 680 million
(€67.7 million) for the full year, but an operating profit of SEK15
million in Q4 2009.
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New business volume decreased by 41 percent
compared to the fourth quarter of 2008 as a result of lower
deliveries of Volvo Group products, the company said.
In total, 6,522 new Volvo Group units were
financed during the quarter (compared to 11,966 in Q4 2008).
Commenting on the results for the group,
Volvo’s CEO Leif Johansson said: “In the fourth quarter, demand
remained generally weak in our principal markets, although we can
see signs of recovery in an increasing number of markets.
“Despite the sharp decline in sales, the
underlying operating loss was limited due to cost-reducing measures
and improved productivity.”
Antonio Fabrizio
