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
Liberals win in P.E.I., Greens make history
WSD approves controversial motion on religion
Manitoba daycares see low scores in personal-care categories
NDP create bill to name August-long weekend after Terry Fox
Victim of fatal hit-and-run identified
Manitobans have a thirst for beer
Having Jets and Moose will change city's entertainment landscape
FAQ: An AHL refresher course
Some farmers flood claims approved by province
Trustees discuss school shuffle across south end of division
Derek Seguin at News Café Wednesday morning
Friends of Fort Garry appealing denial of short-term parking lot
Moose tickets on sale this week
Man pleads not guilty to second-degree murder charge for 2012 attack
U of M involved in discrimination case
Preliminary hearing begins in homicide trial
Full analysis: Manitoba Moose are back in Winnipeg
Repeat rapist sent to prison, also branded a long-term offender
Moose players looking forward to being closer to Jets
Man admits to being part of group beating
Welcome (back) to the Manitoba Moose
Winnipeg to get nearly $65M for roads
WSD to debate, vote on religious issues tonight
Canada tops host Czechs 6-3 at worlds
Reading was a lifeline, says actress-turned author
Province to be a leader in economic growth: BMO
Rising star introduced as VP of Moose operations
Dear Miss Lonelyhearts: Advice for a few people you might recognize
NDP MLA Lathlin takes her seat in the house
Warmer weather means city begins monitoring mosquito population
Manitoba Forward holding online policy summit
Work to begin on Battle of Seven Oaks Monument National Historic Site
A name for Britain's new princess: Charlotte Elizabeth Diana
Iconic Peace Tower on last legs
City water meter readers making visits
Musical club celebrates 120 years with intimate Ehnes concert
Death and the homeless
Winnipeg Cheapskate: Tech support alternatives
Parents keep kids at home over sex-ed curriculum
FBI had investigated accused Texas gunman for years