SEOUL, South Korea's Daewoo Motor Co., which has filed for bankruptcy protection, announced that its profits and sales have declined in August this year.
Daewoo Motor Company is the second largest automaker in Korea. The company’s operating profit fell from KRW 13.2 billion in July to KRW 6.7 billion (US$ 5.1 million) in August, and its sales fell from KRW 456.2 billion in July to KRW 352.9 billion.
A spokesperson for Daewoo Motor Co. stated that August is usually the off-season for car sales, and that the workday for this month is also relatively small, so the profit and sales in August have declined.
However, in August, Daewoo Motor Co. made a profit for the fifth consecutive month, encouraging employee morale before it was soon to be acquired by GM. The company stated that the company will profit in the remaining months of the year.
In the first eight months of this year, Daewoo Motor’s operating loss was 3.7 billion won.
The debtor banks of General Motors and Daewoo Motor Company have been engaged in hard negotiations for several months. It is reported that GM will announce the acquisition of Daewoo at the end of this month.
Daewoo Motor's annual production capacity includes 1.05 million vehicles in South Korea and 875,000 vehicles in overseas plants.
Since the Daewoo Group's collapse in 1999, Daewoo Motor Corporation has been in trouble and filed for bankruptcy in November last year with a cumulative total of US$17 billion in debt.
(From China Automotive Dynamic Information Network)
Daewoo Motor Company is the second largest automaker in Korea. The company’s operating profit fell from KRW 13.2 billion in July to KRW 6.7 billion (US$ 5.1 million) in August, and its sales fell from KRW 456.2 billion in July to KRW 352.9 billion.
A spokesperson for Daewoo Motor Co. stated that August is usually the off-season for car sales, and that the workday for this month is also relatively small, so the profit and sales in August have declined.
However, in August, Daewoo Motor Co. made a profit for the fifth consecutive month, encouraging employee morale before it was soon to be acquired by GM. The company stated that the company will profit in the remaining months of the year.
In the first eight months of this year, Daewoo Motor’s operating loss was 3.7 billion won.
The debtor banks of General Motors and Daewoo Motor Company have been engaged in hard negotiations for several months. It is reported that GM will announce the acquisition of Daewoo at the end of this month.
Daewoo Motor's annual production capacity includes 1.05 million vehicles in South Korea and 875,000 vehicles in overseas plants.
Since the Daewoo Group's collapse in 1999, Daewoo Motor Corporation has been in trouble and filed for bankruptcy in November last year with a cumulative total of US$17 billion in debt.
(From China Automotive Dynamic Information Network)
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