SEOUL, Feb. 13 (Korea Bizwire) – SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., swung to a net loss last year on weak exports and the strong won, the company said Tuesday.
For the whole of 2017, the company posted a net loss of 65.8 billion won (US$61 million), shifting from a net profit of 58.1 billion won a year earlier, SsangYong Motor said in a statement.
“A 29 percent on-year decline in exports was the major contributor to the annual net result amid slowing demand in global markets,” the statement said.
It also swung to an operating loss of 65.3 billion won from an operating profit of 28 billion won a year ago. Sales fell 3.7 percent to 3.495 trillion won from 3.629 trillion won during the cited period, it said.
The maker of the Tivoli and G4 Rexton sport-utility vehicles sold a total of 143,685 vehicles last year, down a sharp 16 percent from 155,844 units in the previous year.
Mahindra & Mahindra owns a 72.85 stake in SsangYong Motor.