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Title	Ssangyong Motor Q3 net turns to black
Date	2016.10.20
SEOUL, Oct. 19 (Yonhap) -- Ssangyong Motor Co., the local unit of Indian automaker Mahindra & Mahindra Ltd., said Wednesday that its earnings turned to the black in the third quarter on increased sales. Net profit came to 2.68 billion won (US$2.38 million) in the July-September period, a sharp contrast when compared with a net loss of 27.13 billion in the same period last year, the carmaker said in a regulatory filing. Sales gained 3.8 percent on-year to 850.77 billion won over the cited period, but its operating loss widened to 7.33 billion won from a loss of 3.56 billion won a year earlier. Ssangyong Motor President Choi Jong-sik poses with his company's concept car at the Paris Motor Show in Paris on Sept. 29, 2016. (Yonhap file photo provided by Ssangyong Motor) In the first nine months of the year, the company posted a net profit of 23.04 billion won, supported by an 8.8 percent on-year expansion in sales. In a press release, the company said its domestic sales increased 6.8 percent on-year to 73,929 cars in the January-September period, marking the highest sales in 12 years, while its exports also jumped to the highest level since the fourth quarter of 2014. The company attributed the boost in sales to its recently launched new Tivoli SUV. "These are the highest domestic sales in 12 years since 2004 supported by the popularity of the Tivoli brand models, which are growing at 37.6 percent. Ssangyong's exports achieved the highest quarterly sales in seven quarters, thanks to expanding exports of the Tivoli brand models," it said. The automaker earlier said it sold a total of 111,683 vehicles globally in the first nine months of the year. bdk@yna.co.kr

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