South Korea's Ssangyong Motor Co. on Wednesday posted its sixth consecutive quarterly net loss in the first quarter of this year as demand for its vehicles decreased.
Ssangyong, which has been under bankruptcy protection since February, made a loss of 265 billion won (213 million U.S. dollars)in the first quarter of this year, while the net loss for the same period a year earlier stood at 34 billion won (27.3 million U.S. dollars), according to a regulatory filing by the company.
The sales figure for the first quarter dropped 66 percent year-on-year to reach 234 billion won (188.1 million U.S. dollars), Ssangyong said.
A local bankruptcy court said last week Ssangyong, a former affiliate of Shanghai Automotive Industry Corp.(SAIC), has more value if saved rather than liquidated, but warned that the company should push for a layoff of 2,500 jobs, or 36 percent of its workforce, to avoid liquidation.
Source: Xinhua
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