Mixed Bag of First Quarter Reports
There were mixed results when three of Sweden’s largest companies; Volvo, TeliaSonera and the bank SEB presented their reports for the first quarter on Friday morning.
The industrial group Volvo, the world’s second largest truck maker, posted a loss of 514 million US dollars, as demand for trucks have dwindled in the financial crisis. On Wednesday Volvo announced that they would cut another 1,500 jobs.
Swedish bank SEB also reported a 44 % drop in net profit in the first quarter compared to the same period last year – a loss of approximately 100 million dollars. However, compared to Thursday’s unexpectedly bad report from Swedbank, the fourth largest bank in Sweden and involved in the troubled Baltic economies, SEB’s situation may not seem so grave.
Nordic telecom giant TeliaSonera‘s report showed positive figures– a 14% increase in profit compared to the same period last year. However, the operator has already announced planned cuts in staff in both Sweden and Finland and is prepared to make further cuts should the global economic downturn call for further action, according to the news agency Reuters. (rm)