Falling demand for commercial vehicles significantly pulled down
profits at Scania in the first quarter of 2009, affecting its
financial services division too.
Operating profits at the Swedish truck maker plunged by 86
percent compared with Q1 2008.
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At the same time, the operating income for the company’s
financial services division dropped 71 percent to SEK 44 million
(€4 million), compared to SEK 152 million in the January-March
period last year.
At the end of the quarter, the size of Scania’s customer finance
portfolio amounted to SEK 46.59 billion, which represented
a fall of SEK 631 million since the end of 2008.
Financing volume amounted to SEK 2.64 billion compared to SEK
5.16 billion last year, with a penetration rate of 38 percent.
The company said that order bookings for trucks were over 70
percent down, while those for buses and coaches were down by 39
percent.
Antonio Fabrizio
