Volvo Construction Equipment latest to report sales meltdown.
Volvo has become the latest construction and demolition equipment manufacturer to post a major decline in sales. According to UK trade magazine Contract Journal, the company has reported an operating loss of almost £117m following a 46% decline in sales over the first three months of the year.
Sales almost halved to £684m in the first quarter (£1.26bn) turning last year’s £109m profit and 8.6% operating margin into a £116.9m loss representing a -17.1% margin. At the end of March its order book (excluding and the acquired road machinery business) was 73% lower than a year ago.
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