Third quarter 2002
Despite the difficult business climate, the Group's third quarter contained a number of positive trends. Most important is the increased contribution from the truck operations, where we now see clear effects of synergies. Volvo Penta continues to gain market shares and deliver strong financial results. The Group experienced strong growth in Eastern Europe and Asia, particularly China and South Korea.
On the negative side, the deep downturn in the aviation industry seriously affected our aerospace operations in the third quarter, which is reflected in the on-going adjustments of capacity. Volvo CE's major markets continued to decline. Combined with introduction costs and a very competitive North American market, this resulted in weaker earnings.
As a whole, however, the financial result shows significant improvements compared with the same period last year.