Ssangyong Motor Co., South Korean unit of India’s Mahindra & Mahindra Ltd., has set a quarterly revenue milestone of 1 trillion won ($879 million) and achieved a record-high quarterly net income in the final three months of 2016 thanks to its steady-selling compact sport utility vehicle (SUV) Tivoli.

The automaker said Wednesday it posted its biggest-ever 19.4 billion won in net profit in the last quarter ended December upon reflecting the savings of legal fees worth 15.6 billion won set aside for non-operating expenses after winning the lawsuit over deferred wage payment with former Ssangyong employees in appeals court in November. The automaker finally became free of court battle with laid-off employees that weighed on the company for the previous six years.

Operating profit in the fourth quarter plunged 63 percent on year to 8 billion won. Revenue marked a milestone of 1 trillion won, up 2.7 percent on year as shipment in the final quarter rose 8 percent to 44,161 cars from a year-ago period.

For the whole of 2016, Ssangyong Motor shipped 155,844 cars at home and overseas, up 7.7 percent on year to reach the highest volume since 2002. It recorded 58.1 billion won in net profit, its first taste of the black in nine years and reversing from a net loss of 61.9 billion won in 2015. Operating profit also made a turnaround reaching 28 billion won, compared with a loss of 35.8 billion won. Sales rose 7 percent on year for record-high of 3.63 trillion won.

Unfazed popularity of compact SUV Tivoli, selling 85,821 units throughout 2016 to increase 35 percent from a year-ago was the main driver of its improved performance.

The automaker set up an installment financing firm SY Auto Capital in November 2015 to enhance after-sales services and auto financing scheme.

At 2:34 p.m. Thursday in Seoul trading, shares of Ssangyong Motor were traded at 7,830 won, down 1.51 percent from the previous session.

By Woo Je-yoon

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