SsangYong Motor Co., a South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., shifted to a net loss in the first quarter from a year earlier due to hefty currency losses, the company said Friday.
SsangYong Motor swung to a net loss of 13.9 billion won for the three months ending March 31, from a net profit of 2.3 billion won a year earlier, SsangYong said in a statement.
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SsangYong Motor's G4 Rexton SUV (SsangYong Motor) |
"The won's strength against the dollar and increased costs cut into the quarterly bottom line," the statement said.
The maker of the Tivoli and Rexton sport utility vehicles also posted an operating loss of 15.5 billion won in the first quarter from an operating profit of 8.1 billion won a year ago, it said.
Sales fell 3.0 percent to 788.7 billion won from 813.2 billion won during the cited period. Vehicle exports fell 11 percent year-over-year to 9,878 units in the first three months from 11,044 autos, while domestic sales rose 7.6 percent to 24,350 from 22,622, the company said.
SsangYong said the SUV-focused lineup recently joined by the flagship G4 Rexton SUV will help it achieve improved sales this year.
The G4 Rexton goes on sale from May in the domestic market, with exports to emerging markets scheduled to begin later this year.
Mahindra & Mahindra owns a 72.85 percent stake in SsangYong Motor. It is the flagship affiliate of Mahindra Group, an $18 billion Indian conglomerate with businesses that range from the country's largest SUV maker to farm equipment and financial services. (Yonhap)
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