Volvo Cars’ Q2 operating profit halves

STOCKHOLM (Reuters) -Sweden-based automaker Volvo Cars reported a 54% fall in second-quarter operating earnings on Thursday.

Volvo Cars, majority-owned by China’s Geely Holding, said operating earnings fell to 5.0 billion Swedish crowns ($488.62 million) from a year-ago 10.8 billion.

The company said the reason for last year’s high profits was due to a one-off non-recurring accounting effect from Polestar’s listing. Excluding joint ventures and associates, its second quarter EBIT for 2023 was up at 6.4 billion versus 4.6 billion a year ago.

Analysts polled by Refinitiv had expected an adjusted EBIT of 5.2 billion, according to Refinitiv estimates.

($1 = 10.2329 Swedish crowns)