May 09, 2024
Automobiles
SsangYong Motor swings to loss in Q1
[THE INVESTOR] SsangYong Motor, the Korean unit of Indian carmaker Mahindra & Mahindra, reported on April 28 that it registered a net loss in the first quarter from a year ago due to currency losses.
Net loss was 13.9 billion won (US$12.2 million) for the first three months this year, from a net profit of 2.3 billion won a year earlier.
“The won’s strength against the dollar and increased costs cut into the quarterly bottom line,” the carmaker said in a statement.
The maker of the Tivoli and Rexton sport utility vehicles also posted an operating loss of 15.5 billion won in the first quarter from an operating profit of 8.1 billion won a year ago.
Sales fell 3.0 percent to 788.7 billion won from 813.2 billion won during the cited period. Vehicle exports fell 11 percent year-over-year to 9,878 units in the first three months from 11,044 autos, while domestic sales rose 7.6 percent to 24,350 from 22,622, the company said.
By Alex and newswires (alexlee@heraldcorp.com)
Net loss was 13.9 billion won (US$12.2 million) for the first three months this year, from a net profit of 2.3 billion won a year earlier.
“The won’s strength against the dollar and increased costs cut into the quarterly bottom line,” the carmaker said in a statement.
The maker of the Tivoli and Rexton sport utility vehicles also posted an operating loss of 15.5 billion won in the first quarter from an operating profit of 8.1 billion won a year ago.
Sales fell 3.0 percent to 788.7 billion won from 813.2 billion won during the cited period. Vehicle exports fell 11 percent year-over-year to 9,878 units in the first three months from 11,044 autos, while domestic sales rose 7.6 percent to 24,350 from 22,622, the company said.
By Alex and newswires (alexlee@heraldcorp.com)
