Ssangyong Motor

SEOUL, April 20 (Yonhap) -- SsangYong Motor Co. said Friday its net losses deepened in the first quarter due to a sharp decline in demand for its vehicles. 

Net losses widened to 34.24 billion won (US$320 million) for the three months ending March 31 from 13.93 billion won a year earlier, the company said in a statement. 

Operating losses also grew to 31.26 billion won in the first quarter from 15.49 billion won the previous year. Sales rose 2.54 percent to 808.77 billion won from 788.72 billion won over the same period, it said. 

SsangYong Motor's car production factory in Pyeongtaek (Yonhap)

kyongae.choi@yna.co.kr