Mahindra chief expresses thanks to Ssangyong Motor for business turnaround

SEOUL, Feb. 18 (Yonhap) -- Mahindra Group Chairman Anand Mahindra has expressed thanks to employees of Ssangyong Motor Co. for the first business turnaround in nearly a decade.

Mahindra tweeted on Thursday, "Congratulations SsangYong & Kamsahamnida (thank you) to all our colleagues. Your hard work has delivered these results."

His message came a day after Ssangyong Motor, a local unit of Indian carmaker Mahindra & Mahindra Ltd., posted a net profit last year for the first time in nine years.

Net profit came to 58.1 billion won (US$50.9 million) in 2016, compared with a net loss of 61.9 billion in the year before, the company said in a regulatory filing.

Ssangyong Motor attributed the turnaround to a sharp increase in sales following the launch of the Tivoli SUV.

The trendy SUV has remained the No. 1 selling car in its segment since its launch in January 2015.

entropy@yna.co.kr
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