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Biz News Korea(Eng)
Ssangyong Motor’s Q3 operating loss widen on weak global sales
- Collected
- 2017.10.28
- Distributed
- 2017.10.30
- Source
- Go Direct
Ssangyong Motor in a regulatory filing on Friday said that its operating loss for the third quarter ended September increased to 17.4 billion won ($15.4 million) from 6.6 billion won in the previous quarter. Its sales rose 5.9 percent on year to 900.7 billion won. It incurred a net loss of 17.7 billion won, sharply up from 4.0 billion won loss in the previous quarter.
The automaker sold 36,306 vehicles, down 2.2 percent on year, in the July-September period as its overseas shipment plunged 28.4 percent to 9,928 units amid slowdown in global auto market. Its domestic sales jumped 13.5 percent on year to 26,378 units thanks to favorable response to its new sport utility models Tivoli Armour and G4 Rexton.
The new models have helped the company to extend the growth momentum in domestic market for three months in a row and become the country’s third largest car seller based on domestic sales last month for the first time in its corporate history.
But release of new cars also pushed up related depreciation expenses and further widened its operating loss, said the company.
The automaker hopes its new lineups would help improve its earnings in the following periods as it began full-fledged sale of the G4 Rexton across the world, the company said.
Shares of Ssangyong Motor ended Friday at 5,390 won, up 90 won or 1.7 percent from the previous session.
By Park Chang-young and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]