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Volvo Cars back in black for full-year 2010

China-owned Volvo Cars on Thursday said it was back in the black in 2010 following an 11.6 percent rise in sales over the previous year.

“During 2010, we witnessed a turn-around in the car market and we have now returned to profitability,” chief executive Stefan Jacoby said in a statement.

Volvo Cars said its operating EBIT (earnings before interest and taxes) was $361 million.

It added it sold about 373,000 cars during the year, up11.6 percent in 2009. The report was the first to be released since China-based Zhejiang Geely Holding Group last year took over ownership of the Swedish carmaker from U.S. automotive giant Ford.