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Biz News Korea(Eng)
Ssangyong Motor posts $6.5 mn operating loss in Q3
- Collected
- 2016.10.21
- Distributed
- 2016.10.24
- Source
- Go Direct
The carmaker announced on Wednesday that its operating loss in the July-September quarter this year widened 105.7 percent from the same period last year. The carmaker’s chief executive officer Choi Jong Sik blamed the strengthening Korean currency against major currencies and softened demand at home with the end of the government’s tax benefits on car purchases by the end of June for the company’s disappointing performance.
According to the company’s investor relations (IR) materials, the U.S. dollar has weakened 4.0 percent against the Korean won year over year, while the euro fell 3.7 percent over the same period.
However, thanks to brisk sales of its compact sports utility vehicle Tivoli on top of the continued popularity of sports utility vehicles across the world, the company successfully returned to net profit of 2.68 billion won in the third quarter from losses in the same period last year. Its sales rose 3.8 percent on year to 850.7 billion won. Ssangyong sold 20,028 units of the Tivoli in the quarter, up 21 percent from a year ago.
Its net income from the January to September period amounted to 23 billion won, and operating profit reached 20 billion won on sales of 2.63 trillion won. An official from the company said that it is expected to return to profit this year.
Ssangyong Motor shares closed Thursday at 7,700 won, down 0.65 percent or 50 won from the previous session.
By Lee Seung-hoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]