SEOUL, Jan. 23 (Korea Bizwire) – Ssangyong Motor Co., the local unit of Indian carmaker Mahindra & Mahindra Ltd., is believed to have posted an operating profit in 2015 for the first time in nearly a decade, market observers noted Monday.
The observers estimated the company’s operating profit at 50 billion won (US$42.5 million) last year.
The company earlier said it had posted an operating profit of 38.6 billion won in the January-September period.
A 50 billion-won operating profit would mark a turnaround from a net loss of 61.9 billion won in 2015, as well as the company’s first operating profit since 2007.
The company’s annual sales and profits are expected to be released next month.
The apparent turnaround came on the back of a sharp increase in sales.
The automaker earlier said its overall sales gained 7.8 percent on-year to 155,754 cars in 2016, the highest since 2002.
Exports jumped 16.3 percent to 52,200 cars, while domestic sales rose 3.9 percent to 103,554, breaching the 100,000 mark for the first time since 2003.
Ssangyong Motor plans to continue expanding its global sales this year with the launch of a new premium SUV, tentatively named the Y400.
“With the launch of the Y400, Ssangyong Motor will have a complete lineup of SUVs from small and midsize SUVs to large SUVs, which will help further boost its sales,” a company official said.