Volvo Reports Profit for Q3

Things seem to be moving in the right direction for the Chinese-owned Swedish manufacturer Volvo, who posted today its financial results for the third quarter of the year. Being at the same time the first full quarterly report since the Chinese from Zhejiang Geely Holding Group Company (known to us all as Geely) took over, it's importance it's crucial for the carmaker.

The extraordinary numbers and the financial performance for the reported period, the third consecutive quarter of growth, will for now remain a mystery, as the carmaker chose not to disclose what's what for now.

Volvo did say however that since the beginning of the year and until the end of September, it sold 272,555 vehicles, or some 12.5 percent more than in the same period last year. The best selling model for the carmaker was the XC60.

"This gives us a good platform in our aim for a full year positive result," Stefan Jacoby. Volvo Car Corporation CEO said in a statement. "It is the third consecutive quarter that Volvo Car Corporation achieves a positive result, which is very encouraging for the whole company."

Volvo passed over to the Chinese company from Ford in August, making the transaction the biggest Chinese acquisition of a foreign carmaker. The Chinese company payed $1.3 billion in cash and initiated a $200 million note of amount, to be payed throughout the year.

“Q3 this year represents a transition period between the Ford Motor Company and the Zhejiang Geely Holding Company ownerships. This means that the next financial report will be the full year earnings report for 2010," added Hans Oscarsson, Volvo deputy CFO added.