Finland Times

Volvo Car Group on Friday reported a full-year operating profit of 1,919 million Swedish kronor (298 million U.S. dollars) for 2013, after the first half year recorded an operating loss of 577 million Swedish kronor.

The strong turnaround from the first half year's loss was mainly supported by the company's cost control and strong sales, according to a Volvo Car Group statement issued Friday.

In 2012, the group posted a full-year operating profit of 66 million Swedish kronor.

Net income of the company also grew from -542 million Swedish kronor in 2012 to 960 million Swedish kronor in 2013.

Meanwhile, there was a slight decline in the revenue of Volvo Car Group for 2013, which stood at 122,245 million Swedish kronor, less than the previous year's 124,547 million Swedish kronor.

"This full-year profit represents a significant turnaround compared to the result for the first six months of 2013," the statement quoted Hakan Samuelsson, President and CEO of Volvo Car Group, as saying.

The second half of 2013 saw a "turnaround" in sales, "primarily due to the strong growth in China, a continued focus on cost and the release of new and refreshed models," the company said.

Retail sales of Volvo Cars for 2013 amounted to 427,840 cars, registering an increase of 1.4 percent from a year earlier. (1 Swedish krona = 0.155 U.S. dollar)