News: Swedish automaker Volvo recorded a nearly fivefold rise in operating profit in Q114. The automaker's EBIT increased to KES2.27bn (USD345mn) in the reported period, compared with KES482mn (USD73.2mn) in the year-ago period. This rise was attributed to a reduction in Volvo's production to achieve a cost-savings target of KES4bn (USD607.9mn) by end-2015. During Q114, a truck-production line and component plant were shut down. CEO Olof Persson said: 'The measures we are implementing to increase the group's profitability are running according to plan and start to have a positive impact on our gross margin and costs.'