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| SSANGYONG MOTOR COMPANY |
| STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006 |
 |
|
| |
Korean Won
(In thousands, except per share amounts) |
Translation into
U.S. Dollar
(In thousands, except per share amounts) |
| |
2007 |
2006 |
2007 |
2006 |
| SALES
|
833,865,462 |
725,653,242 |
$ 886,808 |
$ 771,725 |
| COST
OF SALES |
665,147,026 |
615,332,053 |
707,378 |
654,399 |
| GROSS
PROFIT |
168,718,436 |
110,321,189 |
179,430 |
117,326 |
| SELLING
AND ADMINISTRATIVE EXPENSES |
140,771,577 |
135,578,631 |
149,709 |
144,187 |
| OPERATING
INCOME (LOSS) |
27,946,859 |
(25,257,442) |
29,721 |
(26,861) |
| OTHER
INCOME (EXPENSES) : |
Interest
income |
1,037,079
|
2,276,676 |
1,103 |
2,421 |
| Interest expense |
(5,647,677)
|
(9,248,298)
|
(6,006)
|
(9,835) |
| Reversal of allowance
for doubtful accounts (bad deft expense), net |
(289,346)
|
709,538 |
(308) |
755 |
Gain on disposal of available-for-sale
securities, net |
4,386 |
315 |
5 |
0.34 |
| Loss on using the equity method, net (Note 5) |
(422,646)
|
(43,575) |
(449) |
(46) |
Gain (loss) on disposal of investments, net
(Note 9) |
5,477,629
|
(197,572)
|
5,825
|
(210) |
Loss on disposal of property, plant and
equipment, net |
(434,368)
|
(1,467,484) |
(462)
|
(1,561) |
Reversal of loss on impairment (impairment
loss) of property, plant and equipment, net
(Notes 2 and 9) |
1,406,452 |
(38,126) |
1,496 |
(61) |
| Gain on foreign currency transactions, net |
704,823 |
4,338,425 |
750 |
4,614 |
Loss on foreign currency translation, net
(Note 15) |
(1,426,781)
|
(762,009)
|
(1,517) |
(810 |
| Reparation for product warranty expenses |
1,812,027
|
2,032,156 |
1,927 |
2,161 |
| Depreciation expense on assets not in use |
(50,963)
|
(52,001) |
(54) |
(55) |
Fees earned
|
33,930
|
166,733 |
36 |
177 |
Donations
|
(26,297)
|
(512,095)
|
(28)
|
(545) |
| Loss on derivative valuation, net (Note 23) |
(1,992,933) |
(1,206,287) |
(2,119) |
(1,283) |
| Loss on derivative transaction, net (Note 23 ) |
(267,699) |
- |
(285) |
- |
| Loss on disposal of trade receivables (Note 2) |
(13,721,584) |
(3,998,144) |
(14,593) |
(4,252) |
Others, net
|
(4,892,264)
|
3,042,786 |
(5,204)
|
3,236 |
| |
(18,696,232) |
(4,958,962) |
(19,883) |
(5,274) |
INCOME (LOSS) BEFORE INCOME TAX
|
9,250,627
|
(30,216,404) |
9,838 |
(32,135) |
INCOME TAX BENEFITS (Note 18)
|
(2,124)
|
(6,876,532) |
(2) |
(7,313) |
NET
INCOME (LOSS)
|
9,252,751 |
(23,339,872) |
$ 9,840 |
$ (24,822 |
NET INCOME (LOSS) PER SHARE (Note 19)
|
77 |
(193) |
$ 0,08 |
$ (0.21) |
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