Ssangyong Motor

SEOUL, July 23 (Yonhap) -- SsangYong Motor Co. said Monday its net losses widened in the second quarter from a year earlier on weak demand for its vehicles. 

Net losses for the three-month period that ended on June 30 stood at 5.38 billion won (US$4.75 million) from 3.96 billion won a year earlier, the company said in a statement. 

Operating losses also widened to 7.48 billion won in the second quarter from 6.63 billion won a year ago. Sales were up 4.29 percent to 941.85 billion won from 903.09 billion won during the same period, it said. 

In the January-June period, net losses widened to 39.62 billion won from 17.89 billion won in the year-ago period. Operating losses deepened to 38.74 billion won from 22.12 billion won. Sales were up 3.5 percent to 1.75 trillion won from 1.69 trillion won. 

In the first six months of 2018, the SUV-focused carmaker said it sold a combined 66,948 vehicles, down 4.8 percent from 70,345 a year earlier. 

Indian carmaker Mahindra & Mahindra Ltd. owns a 72.85 percent stake in SsangYong Motor. 

SsangYong Motor's factory in Pyeongtaek, some 70 kilometers south of Seoul (Yonhap)