GM Korea Co., the Korean unit of U.S. automaker General Motors Co., said Monday that it swung to a profit in 2010 on brisk sales of its vehicles in the domestic and overseas markets.
Net profit came to 585.5 billion won ($540 million) last year, compared with a net loss of 343.7 billion won in 2009, according to the company's annual audit report.
The third-largest carmaker in South Korea is not required to disclose its earnings since it is not listed on the Seoul bourse.
An official from GM Korea attributed the bottom-line turnaround to brisk sales and the weakening of the local currency in 2010.
The official said the company's global sales rose 19.9 percent to 1.84 million units last year from 1.53 million units in 2009.
The value of the sales jumped 32.2 percent to 12.59 trillion won from 9.53 trillion won a year earlier, with revenues from exports soaring 35.6 percent to 10.84 trillion won, according to the report. (Yonhap)