Ssangyong reports 52 per cent surge in 1Q profit

Ssangyong Corp. said that its operating profit for the first quarter rose 52.36 per cent YoY to 8.6bn won (US$7.48m) on the back of self-rescue efforts and debt-for-equity swaps by its creditors.

The trading unit of the Ssangyong Group said its first-quarter sales also rose 6.42 per cent to 324.4bn won, while its net profit grew 35.78 per cent to 5.5bn won.

Ssangyong Group, once the nation’s sixth-largest conglomerate, has been reduced to a small business group with Ssangyong Cement, Ssangyong Corp. and eight other units under its wing. Following the bankruptcy of Ssangyong Motor in the wake of the Asian financial crisis, creditors took control of the ailing Ssangyong Group.