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Ssangyong Motor Q2 loss narrows YOY

Ssangyong Motor Co. said its normalized net income for the second quarter was a loss of 106.07 South Korean won per share, compared with a loss of 133.01 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.56 billion won, compared with a loss of 18.28 billion won in the prior-year period.

The normalized profit margin increased to negative 1.7% from negative 2.1% in the year-earlier period.

Total revenue declined year over year to 835.51 billion won from 865.78 billion won, and total operating expenses decreased from the prior-year period to 855.40 billion won from 881.45 billion won.

Reported net income came to a loss of 22.70 billion won, or a loss of 165.44 won per share, compared to a loss of 29.20 billion won, or a loss of 212.48 won per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.