Ssangyong Motor Posts Revenue Increase
Ssangyong Motor (CEO Lee Yoo-il), part of the Mahindra Group, today announced that its performance for the first quarter that includes a total sales volume of 36,671 units (domestic sales of 16,797 units, exports of 19,874 units including CKD), revenue of 862.6 billion won, operating loss of 800 million won, and net current profit of 10.7 billion won.
Growing global sales for three consecutive months contributes to Ssangyong’s strong performance during the first quarter, with a 17.3% increase in sales volume and 14.5% increase in revenue, compared to the same period last year. This helped the company reduce the operating loss by 95.5% and post a net current profit.
Thanks to continued the highest growth rate in the domestic market and increasing demand for the New Korando C in overseas markets, both Ssangyong’s domestic sales and exports grew for the first three months of this year.
Its domestic sales increased by 26.4% compared to same period last year. In particular, the New Korando C has led the sales momentum and sales of the Korando Sports and Rexton W increased by more than 30% over the same period last year.
Exports also, on the back of the popularity of the New Korando C and the success of the New Actyon and New Rodius, grew by 10.6% against the same period last year.
On the strength of growth in global sales performance, the company posted an operating loss of 800 million won, which decreased by 95.5% over the same period last year, and a net current profit of 10.7 billion won.
The company also explained that additional costs that could arise from the developments in the discussions on ordinary wage and the negotiations with the labor union on the same are not reflected in the first quarter results.
Meanwhile, Ssangyong Motor will prepare itself for future changes in the market by adopting a differentiated marketing strategy to attract more demand and by expanding in the newly emerging markets. It will also make further efforts to reduce costs and increase its operational strength.
Lee Yoo-il, CEO of Ssangyong Motor, commented that “Our sales in Q1 grew for three consecutive months, which helped improve the company’s profits substantially”, adding, “In light of the growing uncertainties surrounding the business environment, we will continue to build up our competitiveness including productivity improvement to further increase the profitability of the Company.”