Tuesday, April 29th, 2014
SEOUL, KOREA - Ssangyong Motor said on April 28 that it posted a net profit of 10.7 billion won in the first quarter by reducing the quarterly operating profit to 800 million won. Its operating loss is down 95.5 percent from the same period a year ago, with a positive net profit for the quarter. in the first quarter in 2013, the auto maker took the operating loss of 18 billion won and the net loss of 9.2 billion won. The sales revenue for the quarter was up 14.5 percent to 862.6 billion won.
Ssangyong Motor's first-quarter car sales number was 36,671, including knocked-down kit export figures, up 17.3 percent from a year ago. This is a rise for three consecutive months. A company official said that the reserve funds in preparation for possible litigation related to ordinary wages have not been included in the first-quarter figures.
Lee Yoo-il, Ssangyong Motor president, said, "Due to the increase in first-quarter sales revenue for three straight months, our profit has improved significantly. Under circumstances in which uncertainties are increasing, we will focus more on boosting productivity and reducing cost."
