Volvo Group Q2 net income, net sales decreaseStaff Writer | July 19, 2016
Volvo Group reported that its net income attributable to equity holders of the parent company for the second quarter of 2016 fell to 1.98 billion Swedish kronor or 0.97 kronor per share from 5.19 billion kronor or 2.53 kronor per share in the same quarter last year.
Volvo Group Operating income for the quarter was 6.13 billion kronor
However, operating income for the quarter was 6.13 billion kronor, excluding a provision of 2.33 billion kronor related to the EU competition investigation and restructuring charges of 799 million kronor, and a capital gain of 2.14 million kronor from the sale of shares in Eicher Motors in the year-ago period.
This compares to adjusted operating income of 5.98 billion in the year-ago quarter.
Quarterly net sales decreased 7 percent to 78.89 billion kronor from 84.78 billion kronor last year.
Adjusted for currency movements as well as acquired and divested units, net sales decreased by 3 percent compared with the previous year. ■