Tuesday, 8 November 2011

Ssangyong Motor Q3 loss at nearly Rs 155 crore



Mahindra & Mahindra's owned South korean automaker Ssangyong today reported a loss of 35 Billion Won (Rs 155 Crore) as compared to a profit of 50 Billion Won (Rs 220 Crore) for the same quarter Last fiscal. The profit fell by 170%. This does not mean the company has not grown during the quarter.

"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 per cent.

The Sales Volumes stood up to 30,367 when compared to 20,818 units for the same quarter last year. The company has huge expenses when profit and loss statement of the company was analysed. Ssangyong Motor Co CEO Lee Yoo-il said "The company has grown the best since 2007 in terms of Volumes however we now need to focus on controlling the expenses which will then lead us to profitability"

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