Second quarter 2003
The Volvo Group continued to improve its profitability for the fourth consecutive quarter compared with the corresponding periods in the preceding year. Earnings improved despite a drop in sales of ten percent related to the weakening of the USD. It is also encouraging to note that the Group generated a positive operating cash flow in the first half of the year. Synergies from the Truck operations contributed a great deal to the improvement, as did the new and highly successful product program of Volvo trucks and the clearly improved profitability of Renault Trucks.