May 08, 2024
Automobiles
Ssangyong Motor turns to black after 9 years
[THE INVESTOR] Ssangyong Motor is expected to have logged an operating profit in 2016 for the first time in nine years, market observers said on Jan. 23.
Observers estimated the local unit of Indian carmaker Mahindra & Mahindra posted operating profit of 50 billion won (US$42.5 million) last year.
The company earlier said it had posted an operating profit of 38.6 billion won in the January-September period.
A 50 billion-won operating profit would mark a turnaround from a net loss of 61.9 billion won in 2015, as well as the company’s first operating profit since 2007.
The company’s annual sales and profits are expected to be released next month.
The apparent turnaround came on the back of a sharp increase in sales.
The automaker earlier said its overall sales gained 7.8 percent on-year to 155,754 cars in 2016, the highest since 2002.
Exports jumped 16.3 percent to 52,200 cars, while domestic sales rose 3.9 percent to 103,554, breaching the 100,000 mark for the first time since 2003.
(theinvestor@heraldcorp.com)
Observers estimated the local unit of Indian carmaker Mahindra & Mahindra posted operating profit of 50 billion won (US$42.5 million) last year.
The company earlier said it had posted an operating profit of 38.6 billion won in the January-September period.
A 50 billion-won operating profit would mark a turnaround from a net loss of 61.9 billion won in 2015, as well as the company’s first operating profit since 2007.
The company’s annual sales and profits are expected to be released next month.
The apparent turnaround came on the back of a sharp increase in sales.
The automaker earlier said its overall sales gained 7.8 percent on-year to 155,754 cars in 2016, the highest since 2002.
Exports jumped 16.3 percent to 52,200 cars, while domestic sales rose 3.9 percent to 103,554, breaching the 100,000 mark for the first time since 2003.
(theinvestor@heraldcorp.com)
