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Hyundai Motor`s net profit hits all-time high in first half
Seoul, Aug 11: South Korea`s largest automaker Hyundai said today its first half net profit rose 10.6 percent from last year to an all-time high on stronger overseas demand for its pricier vehicles.
Seoul, Aug 11: South Korea's largest automaker Hyundai said today its first half net profit rose 10.6 percent from last year to an all-time high on stronger overseas demand for its pricier vehicles.
For the first six months to June, Hyundai Motor Co. reported a net profit of 988.5 billion won (838 million dollars).
Sales climbed 10.2 percent year-on-year to 12.67 trillion won, helped by brisk shipments abroad. Operating profit climbed 41.6 percent to 1.26 trillion won and recurring profit rose 8.2 percent to 1.37 trillion won. Hyundai said its net non-operating profit dropped to 110 billion won from 377 billion won a year earlier. It posted 5.3 billion won in profits from stakes in other affiliates.
In the second quarter, Hyundai reported a net profit of 570.4 billion won, compared with a profit of 307 billion won. South Korea's auto industry has been hit by weak domestic demand and an economic slowdown this year.
But Hyundai said profits would grow through the second half, citing a recovery in domestic consumption and robust exports to Europe and the United States.
Hyundai's exports rose 21.8 percent to 494,000 units during the first half of this year, while domestic sales fell 12.3 percent to 349,000 units.
The company said its growth would not be affected much by a seven-week strike which cost Hyundai about 1.38 trillion won in lost production. Bureau Report
Sales climbed 10.2 percent year-on-year to 12.67 trillion won, helped by brisk shipments abroad. Operating profit climbed 41.6 percent to 1.26 trillion won and recurring profit rose 8.2 percent to 1.37 trillion won. Hyundai said its net non-operating profit dropped to 110 billion won from 377 billion won a year earlier. It posted 5.3 billion won in profits from stakes in other affiliates.
In the second quarter, Hyundai reported a net profit of 570.4 billion won, compared with a profit of 307 billion won. South Korea's auto industry has been hit by weak domestic demand and an economic slowdown this year.
But Hyundai said profits would grow through the second half, citing a recovery in domestic consumption and robust exports to Europe and the United States.
Hyundai's exports rose 21.8 percent to 494,000 units during the first half of this year, while domestic sales fell 12.3 percent to 349,000 units.
The company said its growth would not be affected much by a seven-week strike which cost Hyundai about 1.38 trillion won in lost production. Bureau Report