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SsangYong Motor Posts First Profit in 9 Years
SsangYong Motor Co. reversed a 62 billion-won loss in 2015 with a net profit of 58.1 billion won ($51 million) in 2016.
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SsangYong Motor Co. reversed a 62 billion-won loss in 2015 with a net profit of 58.1 billion won ($51 million) in 2016.
It was the first annual net profit for the South Korean company, which was acquired by India’s Mahindra & Mahindra Ltd. in 2011, in nine years.
Last year’s unit sales climbed to a 14-year high of 155,800 vehicles. Revenue grew 7% to 3.6 trillion won ($3.2 billion). An operating profit of 28 billion-won ($24.7 million) reversed a 36 billion-won loss in 2015.
The company predicts the launch of its Y400 luxury SUV will help deliver another record year in 2017.
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