Ssangyong Posts Revenue of 819.5 Billion won
- Ssangyong achieves sales and revenue growth of over 6% year-on-year in Q3 substantially reducing the operating loss
- Steady increase in domestic sales results in year-to-date growth of 39.8% compared to same period last year, the highest growth rate since 2004
- Ssangyong will focus on increasing supply of Tivoli, achieve this year’s domestic sales goal of 100,000 units and improve profitability
Ssangyong Motor (CEO Choi Johng-sik; www.smotor.com), part of the Mahindra Group, today announced that the company reported total sales of 34,074 cars comprising 23,833 units in domestic sales and 10,241 units (including CKD) in exports, revenue of 819.5 billion won, an operating loss of 3.6 billion won, and a net current loss of 27.1 billion won in Q3 2015.
Driven by the robust sales of the Tivoli, both sales volume and revenue increased by over 6 % compared to Q3 2014, which contributed to substantial decrease in the operating loss.
The company’s cumulative domestic sales for three quarters surged 39.8% to 69,243 units compared to the same period last year, which is the highest sales since 2004 when the total sales from Q1 to Q3 2004 posted 75,669 units.
In particular, the Tivoli has been leading the company’s domestic sales growth exceeding 3,000 units per a month for six consecutive months since April. Its cumulative domestic sales for three quarters this year reached 29,648 units. Thanks to such success, the domestic sales for nine months this year has already surpassed last year’s annual domestic sales figure (69,036 units).
As a result, the operating loss reduced substantially from Q1 (34.2 billion won) and Q2 (19.9 billion won) to 3.6 billion won in Q3.
However, unlike the decreasing operating loss from quarter to quarter, the net loss in Q3 slightly increased compared to Q2 due to foreign exchange impact.
Meanwhile, the year-to-date business performance for three quarters recorded sales of 103,874 units, revenue of 2,415.3 billion won, operating loss of 57.7 billion won, and a net loss of 81.1 billion won.
Choi Johng-sik, CEO of Ssangyong Motor, commented, “As the sales of the Tivoli, which has led the compact SUV market, continues to grow, we will focus all our resources on increasing supply,” adding, “Based on the Tivoli and the Euro 6 models, we will do our best to achieve this year’s domestic sales goal of 100,000 units.”