Geely's Volvo Cars Q1 operating profit rises to 3.5 bln SEK
STOCKHOLM, April 28 Geely-owned automaker Volvo Car Group said on Friday its operating profit rose 11 percent in the first quarter year-on-year, mainly driven by strong demand for the company's XC60 and 90 series cars.
Bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, Volvo said earnings rose to 3.5 billion Swedish crowns ($396 million) from 3.1 billion in the year-ago quarter.
Gothenburg-based Volvo's sales rose to 47.6 billion crowns from 42.0 billion a year ago, underpinned by strong demand for its 90 series cars. ($1 = 8.8374 Swedish crowns) (Reporting by Helena Soderpalm, editing by Johannes Hellstron)