Ssangyong Motor Q4 Operating Profit of 4.1 Billion Won Last Year... First Profit in 6 Years

Preliminary Earnings Announcement...Operating Profit of 4.1 Billion KRW

[Asia Economy Reporter Oh Gyumin] Ssangyong Motor recorded a quarterly profit for the first time in six years. It is the first profit in 24 quarters since the fourth quarter of 2016, when it posted a profit of 10.1 billion KRW.

Ssangyong Motor Torres
Photo by Ssangyong Motor

Ssangyong Motor announced its preliminary operating results for the fourth quarter of last year on the 18th, reporting sales of 33,502 units, revenue of 1.0339 trillion KRW, and an operating profit of 4.1 billion KRW. The sales volume is the highest quarterly performance, up 50% compared to the same period last year. The company explained that the new model, Torres, led the sales growth.

Ssangyong Motor's total sales volume for last year was 113,960 units, an increase of 34.9% compared to the previous year. Revenue increased by 41.7% year-on-year to 3.4242 trillion KRW. Operating loss decreased by 54.9% year-on-year to 117.5 billion KRW.

Kwok Jae-sun, Chairman of Ssangyong Motor, said, “Torres has received favorable reviews in the market, showing an upward trend in both domestic and export sales. Along with the increase in sales, we have started anew as a family company of the KG Group, breaking away from the chronic deficit structure. As Torres is being officially launched in overseas markets and expanding its sales market, we will increase sales volume and dramatically improve our financial structure through the launch of new models such as the U100, strengthening our global market strategy, and establishing a full-scale production system.”