GM Korea said on May 2 its net loss narrowed in 2018 from a year earlier on cost-cutting efforts.
Net loss narrowed to 859 billion won ($738 million) for the whole of 2018 from 1.63 trillion won a year earlier, the company said in a regulatory filing.
Its operating loss also narrowed to 615 billion won last year from 839 billion won a year ago. Sales fell 14 percent to 9.34 trillion won from 10.91 trillion won over the cited period, the filing showed.
GM Korea shut down one of its four car assembly plants in May last year, relocated its workforce and held a companywide campaign to cut costs as part of its parent GM’s global reorganization.
The carmaker sold 462,871 vehicles last year, down 12 percent from 524,547 units sold the previous year.
By Ram Garikipati and newswires (firstname.lastname@example.org)