Ssangyong shaves down net loss in third quarter

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Ssangyong shaves down net loss in third quarter

Ssangyong Motor, the smallest automaker in the country, said yesterday that its net loss narrowed in the third quarter from a year earlier thanks to a rise in domestic sales.

Net loss came to 13.4 billion won ($12.3 million) in the July-September period, compared with a loss of 35.4 billion won a year ago, the company said in a regulatory filing.

Sales fell 6.76 percent on-year to 696.5 billion won over the cited period. The company posted an operating loss of 15.4 billion won in the third quarter, also narrowing from an operating loss of 30.6 billion won a year earlier, it added.

The carmaker said it sold 29,039 vehicles in the latest quarter, down 4.4 percent from a year ago, due to a slump in overseas demand amid a global economic slowdown. Outbound shipments dropped 16.1 percent on-year to 17,133 units, while its third-quarter domestic sales jumped 19.8 percent on-year to 11,906 on the back of brisk sales of its new models, the Korando C and Korando Sports.

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