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November 11, 2015

Ssangyong operating loss US$3.11m in Q3

Ssangyong Motor reported sales of 34,074 cars (23,833 domestic, 10,241 exports including CKD), revenue of KRW819.5bn (US$709.6m), an operating loss of KRW3.6bn and a net loss of KRW27.1bn in the third quarter of 2015.

Ssangyong Motor reported sales of 34,074 cars (23,833 domestic, 10,241 exports including CKD), revenue of KRW819.5bn (US$709.6m), an operating loss of KRW3.6bn and a net loss of KRW27.1bn in the third quarter of 2015.

The new Tivoli small SUV boosted sales volume and revenue by over 6% year on year which, the company said, contributed to a "substantial decrease in the operating loss".

Domestic sales for the first three quarters surged 39.8% to 69,243 units, the highest volume since 2004.

The operating loss reduced from the first quarter's KRW34.2bn and second quarter's KRW19.9bn to KRW3.6bn in the third quarter.

Net loss in the third quarter slightly increased compared to the second quarter due to foreign exchange impact.

Year to date, Ssangyong sold 103,874 units and booked revenue of KRW2.41 trillion, an operating loss of KRW57.7bn, and a net loss of KRW81.1bn.

CEO Choi Johng-sik said: "As the sales of the Tivoli, which has led the compact SUV market, continues to grow, we will focus all our resources on increasing supply."

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