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지나쌤

GM Korea posts record net loss in 2015

By Korea Herald

Published : April 11, 2016 - 17:34

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GM Korea, the Korean unit of General Motors, posted a record net loss of 986.8 billion won ($861.2 million) in 2015, the worst business performance since its launch in 2002 here, according to industry sources Monday.

The net loss is 2.8 times higher than that of 2014. 

GM Korea cars wait to be loaded for shipment to overseas market in Korea. (Yonhap) GM Korea cars wait to be loaded for shipment to overseas market in Korea. (Yonhap)

It also registered 594.4 billion won in operating loss on annual revenue of 11.94 trillion won last year, four times more than that of 2014.

“The pullout of Chevrolet from Russia, where GM Korea made substantial investments in the past few years, is a significant factor for the record loss. However, we believe it is a one-time expense,” a GM Korea official said.

The official added that other factors which affected its bottom line include increased labor costs and worsened business conditions in the Korean market.

By Hong Sung-pyo (hong1@heraldcorp.com)

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