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Mahindra’s Ssangyong Motor reports profitable growth in Q1

Mahindra’s owned South Korean manufacturing company, Ssangyong Motor has reported the profitable growth in the first quarter of this year. The company has sold 33,666 units of vehicles in the global market, 22,622 from the domestic market and 11,044 units from exports. In the Q1 of this year, Ssangyong posted the 813.2 billion won revenue, 8.1 billion won operating profit and 2.3 billion won net profit.  

Related: Mahindra starts export of new micro SUV KUV 100

The total sales of the South Korean company increased with the Tivoli brands, include Tivoli and Tivoli Air that is recognised as XLV in the export market. Both models have high sales in the global market so that the company achieved strong performance and these two reported 76.6 percentage growth in terms of sales in the last quarter compared to the year-ago same period.

Ssangyong’s global sales increased by 2.3 percent and revenue raised by 6.9 percent in the first quarter of 2016, from January to March, against the sales in Q1 of 2015.

The financial performance of the company was increased in the last quarter with 8.1 billion won operating profit and 2.3 billion won net profit. In fact, the company’s financial and business structures improved in the last quarter compared to the same period in the last year.

Related: Mahindra launches Big Bolero Pik-up at Rs. 6.3 lakh

Like the last quarter, the South Korean company reported the growth in the fourth quarter in the last year. At the time of an announcement, Mr. Choi Johng-sik, CEO of Ssangyong, responded and said that we have sales growth in the last two quarters with the Tivoli brand. The addition of Tivoli Air (XLV) to the Tivoli brand, we will strengthen our position in the market in the coming quarters, anyway thanks for the good sales of Tivoli brand, according to him. In the further quarters of this year, the company will increase its presence in the small SUV/ compact SUV segment as well as expand the global sales to continue the same profitable growth.

Blog Author: 
Automotive Admin

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