The Canadian Press - ONLINE EDITION
Posted: 10/25/2013 5:04 AM | Comments: 0
Last Modified: 10/25/2013 10:57 AM
STOCKHOLM - Truck maker AB Volvo says its earnings dipped on lower sales in the third quarter and that it will slash 2,000 jobs as part of a cost-cutting program.
Volvo's net profit was 1.38 billion kronor ($217 million), down from 1.40 billion kronor in the third quarter of 2012.
The company on Friday said sales dropped by 5 per cent to 64.9 billion kronor, partly due to shifts in currency values.
Volvo, which also makes buses, engines and construction equipment, said 2,000 white-collar employees and consultants will be affected by a previously announced savings program to be implemented next year.
The company expects the program to yield annual savings of 4 billion kronor by the end of 2015.
Volvo shares were down 6.5 per cent at 88.15 kronor in midday trading in Stockholm.
Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.
Having problems with the form?Contact Us Directly
Humphries makes her four-man bobsled debut
Arrest in home invasion involving D-Day vet
Twitter account isn't mine: Magnotta judge
Birth in a northern nation
Police seek driver after pickup truck hits pedestrian
AP sources: Cops' killer angry at chokehold death
Earthquake detected off British Columbia
Volunteers in annual drive get those hampers out to families
Sony saga blends foreign intrigue, star wattage
Protesters: 'It's not the time' for more Cuba ties
Oilsands leak prompts questions about steam
Police arrest suspect in daylight gas bar robbery
Police nab 8 in street gang drug bust
Remains may be decade old
Sources: Doneil Henry headed to West Ham
Protecting NDP values: Oswald
Jets' Byfuglien back on the ice after late-game mishap
N. Korea proposes joint probe over Sony hacking
From freezing drizzle and fog to snow
The measure of the man
'I don't want to die a drunk'
Students help homeless stay clean, healthful
Birtle farm boy goes global
CentreVenture boss got a lot done
Sleep in the Greatest Manitoban's log cabin
Half of Manitobans support Gang of Five
Stevenson defends WBC belt with KO win
The terrible lessons we teach our kids