"With a gradually improved global economy, demand is once again increasing”, Volvo Group CEO Leif Johansson said.

• How truck maker Volvo ‘moves the world’

Swedish Volvo Group, the world’s second biggest truck maker, on Friday posted a first-quarter net profit of 1.7 billion kronor ($238 million) compared with a loss of 4.2 billion kronor a year ago.

The result was way above expectations. Analysts expected a net loss of 68.3 million kronor, according to a survey conducted by Dow Jones and Factset.

"With a gradually improved global economy, demand is once again increasing”, Volvo Group CEO Leif Johansson said.

Sales increased 4 percent to to 58.6 billion kronor, also ahead of expectations.

“Looking ahead, we will focus on utilizing the rising sales volume to increase productivity in all of the Group's operations while maintaining a strict focus on cost. Sales and administration costs will be kept down and we are resolute about further enhancing the efficiency in product development", Leif Johansson said.