Ssangyong Motor shrinks its operating loss almost 100%

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Ssangyong Motor shrinks its operating loss almost 100%

Ssangyong Motor, Korea’s fourth-largest automaker, announced that its revenue in the first quarter increased 14.5 percent year-on-year to reach 862.6 billion won ($833 million) after 36,671 vehicles were sold globally, up 17.3 percent from a year ago.

The company added that it had an operating loss of 800 million won in the January-March period, which was a 95.5 percent reduction compared to a year earlier.

Net profit stood at 10.7 billion won in the same period. The profit came from favorable foreign exchange movements.

The company explained that additional costs that could arise from developments in the definition of base pay and negotiations with its labor union are not reflected in the first quarter results.

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