Kolkata, Feb 8 : Volvo Cars, the premium car maker, has reported a robust 66 per cent increase in operating profit in 2016 to SEK11.0bn compared to SEK6.6bn in 2015, as global sales hit a new record of 534,332 cars.
Net revenue for the period increased 10 per cent to SEK180.7bn compared to SEK164.0bn in 2015 while the operating profit margin improved significantly from 4 per cent in 2015 to 6.1 per cent in 2016.
The results provide the latest proof that Volvos ongoing financial and operational transformation is gathering pace. Global sales rose 6.2 per cent, underpinned by an 11.5 increase in China and an 18.1 rise in the US, Volvos two largest individual sales markets.
Volvo is going from strength to strength, said Hkan Samuelsson, president and chief executive. The new models are successful, sales are at record levels and profits are up substantially reflecting the contribution of all our employees. On the back of these achievements, I foresee that 2017 will also be a record year in terms of sales.