Ssangyong Motor's net loss widens in Q1

SEOUL, April 21 (Yonhap) -- Ssangyong Motor Co., South Korea's smallest automaker, said Thursday it lost more money in the first quarter than a year earlier on increased costs, despite a surge in sales.
Net loss came to 43.4 billion won (US$40.2 million) in the January-March period, compared with a net loss of 38.2 billion won in the same period last year, the company said in a regulatory filing.
Sales jumped 53 percent on-year to 620.5 billion won in the first quarter, but operating loss widened to 41.9 billion won from 32.8 billion won, the company said.
"The net loss widened due to increased prices of raw materials, including steel sheets and petrochemical materials," Ssangyong Motor said in a press release. "Also responsible were a rise in operating costs and the launch of new vehicles."
The company, however, said its profitability will continue to improve with its global sales rising to new monthly highs in recent months.
In the first three months of the year, the company sold 24,741 vehicles globally, up 64.8 percent from the same period last year. In March, the company's sales breached the 10,000-unit mark for the first time since 2007.
bdk@yna.co.kr