April 20, 2024
Automobiles
SsangYong Motor’s net loss widens in Q3
Net loss for the July-September quarter deepened to 18.23 billion won (US$160 million) from 17.69 billion won the previous year, the company said in a statement.
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“Increased marketing costs and unfriendly exchange rates (affecting the won‘s strength against the dollar) cut into the bottom line,“ the statement said.
Operating loss also increased to 21.95 billion won in the third quarter from 17.42 billion won a year earlier. Sales were nearly unchanged at 901.49 billion won compared to 900.67 billion won during the same period last year, it said.
From January through September, the maker of the flagship G4 Rexton and Rexton Sports sport utility vehicles reported a rise in net losses to 57.85 billion won from 35.58 billion won in the previous year.
For the first nine months, it sold a total of 101,436 vehicles, down 4.9 percent from 106,651 a year earlier.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
