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Swedish truck maker Scania AB reported its 2012 profitÌýdropped 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.