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Volvo, the world number two for heavy goods vehicles, drove back into profit, announcing third-quarter profits of 2.81 billion kroner (302 million euros, 422 million dollars) on Friday.

The better-than-expected results compared with losses of 2.91 billion kroner over the same period last year, reflecting the improved economic situation, said the group.

The group's sales increased by 32 percent to 64 billion in the third quarter, with orders for its lorries up 58 percent to 50,869 units.

Analysts had expected only net profits of 2.42 billion kroner and sales of 62.4 billion, Dow Jones reported.

The latest results ended a run of five straight quarters of heavy losses, which led to the job cuts of 20,000 in the group as it struggled to cope with the effects of the economic crisis.

Half of the Group’s net sales were generated in markets outside Western Europe and North America: sales in Latin America and Asia helped pull the group back into profit.

The group, which also builds construction equipment and buses, is separate from its former subsidiary Volvo Cars, which was sold earlier this year by Ford to China's Geely.