SsangYong Motor swings to loss on lower global salesSsangYong Motor, Korean unit of Indian carmaker Mahindra & Mahindra, said Friday it shifted to a net loss in the second quarter from a year earlier due to lower demand in global markets and a strong won.
In three months ending June 30, SsangYong Motor logged a net loss of 4 billion won ($3.6 million) in the April-June period, a turnaround from a net profit of 18 billion won a year earlier, the company said in a statement.
“Lower demand from global markets weighed on the quarterly results despite increased domestic sales. Moreover, the won’s strength against the dollar cut into the carmaker’s overseas earnings (when repatriated into the local currency),” the statement said. YONHAP