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Scania trucks reports profits leap in fast-moving market

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13:04 CEST+02:00
Swedish truck maker Scania nearly doubled profits in the first quarter and said on Friday that all its markets were racing ahead.

Scania said that net profit rose by 44 percent to 2.085 billion kronor on strong sales.

Company chairman Leif Ostling said: "The demand for vehicles and services is high and is growing in virtually all markets where Scania operates.

"We expect demand for heavy trucks to remain strong in Europe throughout 2007."

Operating profit also rose by 44.0 percent to 3.039 billion kronor.

Sales grew by 11 percent to 19.13 billion kronor from 17.25 billion kronor in the same period of last year, exceeding analysts' forecasts of broadly 18.98 billion kronor.

The price of Scania B shares immediately rose by 4.52 percent to 647 kronor.

The overall Swedish stock market was showing a fall of 0.49 percent.

Scania said that sales in terms of vehicle numbers had risen by 14 percent and orders taken by 45 percent.

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