January 30, 2013 9:30 AM, EST
Scania’s 2012 Profit Drops on Lower Production

Swedish truck maker Scania AB reported its 2012 profit dropped 29% on lower production due to an economic decline in Europe, Bloomberg News reported Wednesday.

Net income fell to $1.04 billion from $1.48 billion a year earlier, while revenue fell 9.2% to $12.54 billion.

Scania, which is controlled by Volkswagen AG, reports its earnings in Swedish kronor.

Scania said it reduced first-quarter production in Europe, its main market, by 15% from the previous three months because of declining sales, Bloomberg reported.