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| April 29 |
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Hyundai Motor Co.'s 1Q Net Income Up 11 Pct |
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(Seoul, Korea) Hyundai Motor Co. today announced an 11 percent increase in net income to 463 billion won ($397 million), from 417.6 billion won a year earlier while profits rose 81 percent over the fourth quarter last year.
Domestic sales fell 30 percent in the quarter to 128,697 units while exports rose by 5.2 percent to 235,101 units.
Higher commodity prices and weak domestic demand crimped operating profits which fell 27 percent to 461 billion won. Turnover, including export, rose 2 percent to 6.2 trillion won.
"The delayed recovery in the domestic economy, personal credit problems and high oil prices continued to undermine consumer spending in the first quarter, said Hyundai Motor Co. President Park Hwang-Ho. "But we're seeing a steady recovery in demand, helped by the temporary reduction in luxury tax and the introduction of our Tucson SUV."
Hyundai's overseas production is climbing at an even faster rate as the company is selling more vehicles in China, India and Turkey, where it has production plants. Sales from the three plants combined more than doubled to 89,689 vehicles in the first three months of the year.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.com |
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