Ssangyong Motor Posts a Profitable Q4 2015, Records an Operating Profit of 21.8 Billion Won
SEOUL--(Korea Newswire) February 16, 2016 -- Ssangyong Motor (CEO Choi Johng-sik; www.smotor.com), part of the Mahindra Group, today announced that the company achieved a profitable fourth quarter last year.
Due to the continuous strong sales of Tivoli in the compact SUV market, the company was able to improve its sales performance for four quarters and recorded its highest sales figures in Q4.
In Q4 2015, the company’s sales of 40,890 units was 17.5% higher than Q4 2014 and operating income was 21.8 billion won compared to the Q4 2014 operating loss of 32.2 billion won.
In 2015, the company recorded the domestic sales of 99,664 units, and exports of 5,100 units (including CKD) totaling to 144,764 units. The company posted revenue of 3.39 trillion won, an operating loss of 35.8 billion won, and a net loss of 61.9 billion won in 2015.
This performance is based on increased sales of the Tivoli, which helped to drive domestic sales and achieve the highest growth of 44.4% in the automotive industry and the highest sales figure in 12 years, enabling sales and revenue to grow by 2.6% and 1.9% respectively compared to 2014.
As such, the operating loss improved gradually from △34.2 billion won in Q1, to △19.9 billion won in Q2, and △3.6 billion won in Q3, to a profit of 21.8 billion won in Q4. Hence, the annual loss was reduced by 41.1 billion, from △76.9 billion won in 2014 to △35.8 billion won last year.
In particular, the Tivoli, which has led the compact SUV market since its launch, recorded 45,021 units in the domestic market and 18,672 units in overseas markets, totaling to 63,693 units. It became Ssangyong’s best-selling single model, followed by the Rexton in 2004 (54,274 units) playing a key role in improving the company’s performance.
Choi Johng-sik, CEO of Ssangyong Motor, commented, “Last year, with Tivoli, we were able to increase sales and record a profitable fourth quarter,” adding, “This year, with the launch of the long-bodied Tivoli offering more practical features in the expanding SUV market, we will continue to ensure growth.”