Mahindra & Mahindra-owned Korean automaker Ssangyong Motor Co today reported a loss of 35 billion won (nearly Rs 155 crore) for the third quarter ended September 30, 2011.
The company had registered a profit of 50 billion won (about Rs 220 crore) in the same quarter last fiscal, Ssangyong Motor Co (SMC) said in a statement.
"The year-on-year growth in the third quarter loss is not meaningful as the third quarter performance for 2010 included a 113 billion won (about Rs 500 crore) derived from a gain on disposition of tangible assets," the company said.
Sales revenue during the third quarter this fiscal stood at 747 billion won (Rs 3,300 crore) against 526 billion won (over Rs 2,320 crore), up 42%.
In terms of unit volumes, the company sold 30,367 units during the quarter as against 20,818 units in the year-ago period, up 45.86%, SMC said.
Exports during the period under review recorded 56% jump on the back of booming global emerging markets and growing demand for the SUV Korando C overseas, it said.
During the quarter, exports stood at 20,428 units as a against 13,109 units in the year-ago period.
"The Korando C has been leading export growth with over 3,000 units exported monthly since June, taking up 47 percent of Ssangyong's total exports," it said.
Commenting on the sales performance of the company, Ssangyong Motor Co CEO Lee Yoo-il said: "We achieved the biggest quarterly sales since 2007, thanks to growing sales in the global market. We will expand sales through differentiated brand strategy in the global market and by diversifying into China and India."
The company will also focus on improving profitability through cost-cutting and other measures, he added.
