Quarterly Results Good Sign for Economy

After Volvo Trucks and Swedbank announced good results for the quarter Thursday, there were more positive signs from big businesses pointing to better times for the Swedish economy.

Bus and truck manufacturer Scania reported over 450,000 dollars in profits after big losses last year. Volvo announced that it could hire up to 2,000 more workers this year.

And though it turned things around last year, Swedish mobile manufacturer Ericsson didn't quite meet earnings expectations for the second quarter. The telephone giant reported quarterly profits of almost 700 million dollars, but the company's total sales fell.

Ericsson's president Hans Vestberg told Swedish Radio News that there were problems in the supply chain for phone components as a side effect of the world economic crisis. Ericsson did, however, improve its profit margin for the sales it made during the quarter.