South Korea's Daewoo Motor Sales said on Tuesday that third quarter net profit soared 121% to 24.1 billion won ($20.24 million) from the same period a year ago as debt repayment and wage adjustments lowered costs, Reuters reported.

The company that handles marketing for GM Daewoo Auto & Technology Co, South Korea's third largest car maker, said its third quarter sales rose 9.2% from a year earlier to 849 billion won.

"We issued around 150 billion won in asset backed securities earlier this year to repay debt, while we shifted to a performance-based wage system," Daewoo Motor Sales spokesman Kim Ki-ho told Reuters.

Earnings before interest and taxes (EBIT), or operating profit in the third quarter, rose 39.7% from a year earlier to 25.3 billion won, the company said, according to Reuters.

General Motors and its partners acquired key assets of Daewoo Motor earlier this year, which led to the launch of GM Daewoo Auto & Technology, Reuters noted.