January 26, 2012

Hyundai profits rise 38% on US and China sales

South Korea's Hyundai Motors has posted a 38% rise in profits for the fourth quarter, as sales domestically and in key markets surged.
Net income rose to 2 trillion won ($1.8bn; £1.15bn) in the three months to December, from 1.45tn won a year earlier, the carmaker said.
Sales were up both at home and in countries such as the US and China.
Hyundai has benefited as Japanese carmakers have seen production cut due to the March tsunami and earthquake.

However, some analysts say that advantage could run out as rivals Toyota and Honda recover.
For the whole of 2011, Hyundai's net profit climbed 35% to 8.1tn won from 6tn won in 2010.
The company also cited the weak Korean won as a contributor to its improved performance, as a weak currency makes its exports cheaper for overseas buyers.
Hyundai, the biggest carmaker in South Korea, is the first among the major Asian carmakers to report results for the last quarter of 2011.

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