• Net profit declines 37.5 pct affected by strengthening won´
• Higher material and labor costs impact fiscal performance
| (Seoul, Korea) - Hyundai Motor Co.´s worldwide unit sales rose 4.4 percent in the first quarter to 418,437 units earning an 11.2 percent increase in sales revenues to 6.8615 trillion won. As anticipated, the strengthening of the Korean won against the US dollar created a drag on profitability as did increased costs for materials and labor. |
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Hyundai´s gross profit rose 11.4 percent to 1.3004 trillion won but the net profit slid by 37.5 percent to 318.8 billion won while the recurring or ordinary profit fell by 26 percent to 491.4 billion won.
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| Export sales from Hyundai´s three Korean factories accounted for 276,678 units (a 1.8 percent y-o-y decline owing to the ramp up of production at overseas plants in the United States, India, China and Turkey) valued at 3.9673 trillion won, a decline of 0.8 percent over the same quarter last year. |
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| Domestic sales in Korea rose 19 percent in the quarter to 141,759 units equivalent to 2.8942 trillion won, for a 33.3 percent y-o-y increase. |
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| Visit http://ir.hyundai-motor.com/eng/index.html for a detailed report on first quarter 2006 business results. |
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| Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes over two dozen auto-related subsidiaries and affiliates. Employing over 50,000 people worldwide, Hyundai Motor posted US$26.1 billion in sales in 2004 (on a non-consolidated basis). Hyundai motor vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Hyundai Motor Co. is a sponsor of the 2006 FIFA Germany World Cup. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com |
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