Published : 2013-10-30 14:42
Updated : 2013-10-30 14:42
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Wednesday that it swung to the black in the third quarter from a year earlier due to strong sales.
Net profit reached 1.5 billion won ($1.4 million) in the July-September period, compared with a loss of 13.7 billion won a year earlier, the Seoul-based company said in a regulatory filing.
Sales jumped 19.8 percent on-year to 837.4 billion won in the third quarter, and operating income reached 746 million won, a sharp turnaround from a loss of 18 billion won a year earlier.
The carmaker said it sold 34,582 units in the third quarter, up 19 percent from 29,039 units a year earlier.
Ssangyong attributed strong sales to successful launches of face-lifted models.
Lee Yoo-il, the CEO of Ssangyong Motor, said his company "will continue to build up its sales capacity to increase the global sales of models like the new Korando C and to continuously improve its financial structure." (Yonhap News)