SsangYong’s Q1 2012 sales up 6.9 percent

May 15, 2012: The Mahindra Group-owned SsangYong Motor has announced that the company has recorded sales of 26,441 vehicles (including CKD) in the first quarter of 2012. This amounts to KRW 644 billion in revenues and KRW 32.6 billion in operating loss.

SsangYong registered a 6.9 percent growth in sales volume, a 3.8 percent rise in revenues and a 22.0 percent decrease in operating loss compared to the same period of the previous year despite overall sluggish demand caused by the economic downturn in domestic as well as major overseas markets. Domestic sales recorded a 3 percent drop due to shrinking demand in the Korean market, while exports recorded a 13 percent rise compared to the same period last year thanks to increased sales in Russia, Africa, the Middle East and Asia-Pacific.

The company says the Korando Sports and the Korando C led the sales momentum. The Korando Sports, which has received a positive response since its launch in January 2012, sold 9,168 units with a 50.7 percent (6,085 vehicles) increase while those of the Korando C stood at 9,257 vehicles, with a 29.4 percent (7,155 vehicles) increase in domestic sales and exports as compared to the same period last year.

Ssangyong’s profit and loss statement also showed an improvement as the operating loss decreased to KRW 32.6 billion, an improved figure compared to the same period last year (KRW 41.9 billion) as well as compared to the previous quarter (KRW 47.4 billion).

The company’s EBITDA, a key operating performance indicator for a company’s operating cash flow, showed a small profit and signals an overall brighter outlook for SsangYong.

According to Lee Yoo-il, CEO of Ssangyong Motor, “The company will continue to increase sales and improve profitability through the launch of refreshed models and upgrades.”