Ssangyong Motor to return to black this year: CEO

[THE INVESTOR] Ssangyong Motor CEO Choi Johng-shik said the automaker aims to bounce back into profit this year, reversing nine consecutive loss-making years.

“Thanks to the executives and staff members’ endeavors and determination, we returned to profit in the first half of the year for the first time in nine years,” Choi told the company’s 200 senior managers gathered at an event called “Leaders Round Table” on Aug. 12. 

“Let’s post annual profit this year,” he added.

During the event, the managers and executives evaluated the automaker’s performance in the first half of the year and shared plans to boost sales for the remaining half.

In the first half, Ssangyong Motor -- owned by India’s auto giant Mahindra & Mahindra -- posted operating profit of 27.4 billion won (US$25.1 million), thanks largely to the popularity of its Tivoli sport utility vehicle. Sales stood at 1.77 trillion won, while net profit came to 20.4 billion won in the cited period.

By Ahn Sung-mi (sahn@heraldcorp.com)