Mixed Results for Scandia and Nordea
The Swedish truck maker Scania posted first-quarter pretax earnings below market expectations Wednesday.
The group had a quarterly pretax profit of 242 million dollars, up from less than 200 million dollars a year ago, but said 2005 would be an off year for growth in its key western European market.
On Monday Swedish rival Volvo, the world’s second largest truck manufacturer, posted a 34 percent gain in first quarter net profit, citing increased demand in North America.
Nordea, the Nordic region’s biggest bank, posted first-quarter operating profit ahead of expectations on Wednesday, but its shares fell as core business areas underperformed.
Operating profit was up 10 percent year-on-year at just under 900 million dollars.
