Lower Profit for Scania
Swedish truckmaker Scania is registering a lower profit in the third quarter but says it returned to profit with the outcome better-than-expected. In a statement released on Monday Scania announced that cost cutting has had positive effects and there was a slight improvement in the outlook.
Scania said it had a net profit of $US 27.3 million, down 85 percent from a year earlier but well above analyst forecasts.
"The European truck market is characterised by low economic activity but in Scania's judgement the downturn in western European demand has now levelled off," the company said in a statement. Third quarter deliveries fell 44 percent from a year earlier to 9,023 vehicles, it said.