Ssangyong Motor sets revenue record of 3.48 trillion won

Ssangyong Motor, which is owned by India’s Mahindra Group, yesterday announced that the company achieved its highest revenues last year since its establishment.

The company reported that it earned revenues of 3.48 trillion won ($3.2 billion), up 21.3 percent from a year ago, with automobile sales reaching 145,649 units in 2013. Its previous record was 3.43 trillion won in 2005.

The sales growth enabled Ssangyong to reduce its operating losses from 98.1 billion won in 2012 to 8.9 billion won last year. Despite having operating profits during two quarters in 2013, the rapid drop in the foreign exchange rate and a Supreme Court decision about workers’ ordinary wages negatively affected the company’s financial result, it said.

Its net loss for 2013 was 2.4 billion won, also a major improvement from the 105.9 billion won loss in 2012.

Reuters