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SsangYong Motor narrows loss in last quarter of 2018

Feb 01,2019
SsangYong Motor, the Korean unit of Indian carmaker Mahindra & Mahindra, said Thursday its net losses narrowed for the October-December period from a year earlier on a strengthened lineup.

Net losses reached 3.99 billion won ($3.59 million) in the fourth quarter from 30.25 billion won a year ago, the company said in a statement.

Robust sales of the Rexton Sports sport-utility vehicle (SUV) and the Tivoli SUV helped improve the bottom line, it said.

Operating losses stood at 3.48 billion won in the final quarter from 2.57 billion won a year ago. Sales rose 17 percent to 1.053 trillion won from 902.16 billion won during the same period.

For 2018, net losses slightly improved to 61.84 billion won from 65.82 billion won the previous year. Operating losses remained almost unchanged at 64.18 billion won compared with 65.28 billion won.