KG Mobility posted a 3 billion won ($2.1 million) operating profit for the third quarter, a modest turnaround for the South Korean automaker still recovering from its 2020 bankruptcy filing. The company recorded revenue of 1.19 trillion won ($832 million), up 36.7% from a year earlier when it was bleeding cash.
The profitability, while marking three consecutive quarters in the black, remains fragile. Operating margin stood at just 0.3%, suggesting the company has limited room for error as it attempts to establish itself following its acquisition by KG Group in 2022 for $700 million.
The automaker, formerly known as SsangYong Motor before rebranding last year, sold 29,116 vehicles in the quarter—the highest in six quarters but still modest by industry standards. Export sales of 16,505 units drove much of the growth, rising 45% year-over-year as the company seeks markets for its Musso EV pickup and Torres Hybrid SUV.
Net profit reached 10.5 billion won ($7.3 million), reversing a 46.6 billion won loss in the prior-year period. The company emerged from court receivership in November 2022 after defaulting on $285 million in debt to major banks including Korea Development Bank and BNP Paribas.
Whether the export push can sustain profitability remains uncertain, particularly as the company competes in crowded international markets against established brands with deeper pockets.
