GM Korea said its 2017 net loss came in 1.16 trillion won ($1.1 billion), 84 percent bigger than its loss the previous year.
General Motors’ South Korean unit said on Friday its annual net loss widened to $1.1 billion, its fourth straight year in the red after GM’s decision to pull its Chevy brand from Europe led to reduced exports.
GM Korea said its 2017 net loss came in 1.16 trillion won ($1.1 billion), 84 percent bigger than its loss the previous year.
It made an operating loss of 854 billion won, compared to 531 billion won in 2016.
GM Korea said the result was due to large fixed costs for unused facilities and “continuously rising labor costs,” adding that business conditions in South Korea and overseas had deteriorated.
