Ssangyong Motor’s net profit increases in second quarter

Industry

Ssangyong Motor’s net profit increases in second quarter

Ssangyong Motor said yesterday it marked a net profit of 6.2 billion won ($5.5 million) in the second quarter, compared to a loss of 21.5 billion won a year ago, signaling a steady improvement in the company’s financial structure.

The company reported a quarterly profit for the first time in six years since the third quarter of 2007, except for the third quarter of 2010, when there was a profit on account of gain from disposal of idle assets of 112.5 billion won during the rehabilitation process.

The automaker, which is now controlled by India’s Mahindra Group, said that it had 907 billion won in sales for this April-June period, up 26.9 percent from a year earlier. Operating profit was 3.7 billion won, which was also a big improvement from last year’s 19.1 billion won loss.