Daewoo Motor Sales Q3 profit plunges 59 pct

SEOUL, Nov. 13 (Yonhap) -- Daewoo Motor Sales Corp., which sells vehicles produced by GM Daewoo Auto & Technology Co. in South Korea, said Thursday its third-quarter net profit plunged 58.9 percent from a year ago amid dwindling sales.

Daewoo Motor earned 5.4 billion won (US$3.8 million) in the three months ending
September, compared with 13.2 billion won for the same period a year ago, the
company said in a regulatory filing.
Third-quarter operating profit fell 14 percent from a year earlier to 7.8 billion
won. Sales declined 0.5 percent to 711.8 billion won.
Local media reported that Daewoo Motor came close to bankruptcy this week after
it delayed payment on commercial papers backed by auto loans.
Shares of Daewoo Motor dived 12.3 percent to 6,360 won at one point in early
morning trading on Thursday in Seoul.
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