Swedish auto maker AB Volvo has announced that it has made itself profitable again during the first quarter thanks to strong sales and numerous cost cuts.
According to the company’s statement on Friday, it made a net profit of 1.1 billion kronor (or $170 million) during that time, which is a marked improvement over the last year’s loss of 248 million kronor. Additionally, during the first three months of 2014, Volvo’s revenue increased by 13% from last year’s 58.3 billion kronor to 65.6 billion kronor.
However, CEO Olof Persson says that in spite of this success “there is still more work to do” to reduce costs.
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