Ssangyong Motor Narrows Operating Losses in 1H

SEOUL, KOREA- Ssangyong Motor announced on August 12 that it posted an operating loss of 14.3 billion won for the first half of this year, down 70.5 percent from 48.6 billion won loss a year ago.Key factors behind the reduction in its first-half operating losses include the fact that it achieved an operating profit of 3.69 billion won in the second quarter of this year. This was the first time for Ssangyong Motor to record an operating profit on a quarterly basis since the third quarter of 2007.

Ssangyong Motor also achieved a net profit of 6.2 billion won in the second quarter, in a turnaround from a 21.5-billion-won loss a year ago.

In the first half of this year, Ssangyong Motor sold 69,460 units, up 20 percent from a year before, the highest since the first half of 2007 when it sold 69,755 units.

It achieved the highest growth in domestic sales (34%) among Korea’s five major carmakers. Its exports also rose by 15.4 percent year on year thanks to a rise in shipments to Russia, Latin America, and India.

To better meet the increase in demand, Ssangyong Motor revived its day-and-night two shift work scheme at its plant in Pyeongtaek, Gyeonggi Province, from May 2013.