Ssangyong Motor, which is under bankruptcy protection, has said that it has narrowed a net loss in the first quarter of this year, helped by rising sales.
Ssangyong, which is under bankruptcy protection, posted a net loss of 25.7 billion won in the January-March period, an improvement from a net loss of 265.6 billion won for the same period last year, the company said in a regulatory filing.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
First quarter operating loss also narrowed to 12.3 billion won, compared with a loss of 125.6 billion won. Sales jumped 71 percent to 399.7 billion won, according to the filing.
The firm experienced a troubled 2009 marked by bankruptcy, halted output and strike action.
Ssangyong’s administrators are hoping to attract outside investors to the company.
The automaker will accept letters of intent from potential buyers until the end of this month and select a preferred bidder in August.
Potential bidders are said to include Indian carmaker Mahindra, local aluminium producer SM Group, and Seoul Investment, a private equity fund.
