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| Oct 30, 2006 |
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Hyundai´s 3Q Net Falls 27 Pct Q-o-Q |
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| • Summer factory shutdown lowers sales |
| • Won appreciation vs Euro, USD sinks y-o-y net |
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(Seoul, Korea) Hyundai Motor Co. reported today 283 billion won in second quarter net profits on sales of 5.887 trillion won, declines of 27 pct and 15.9 percent respectively, over the second quarter. The prolonged shutdown of assembly lines and continued appreciation of the Korean won against the US dollar and Euro and a spike in marketing expenses as a result of the company's sponsorship of the 2006 FIFA World Cup in Germany were cited as the chief negative factors affecting performance.
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While Jan-Sept unit sales contracted by 2.7 percent to 1,170,271 units, sales revenues rose to 19.751 trillion won, equivalent to a 2.5 percent improvement over the same period last year thanks to new Santa Fe SUV and Grandeur (Azera) premium sedan which enriched the product mix and lifted margins. Net profit for the Jan-Sept reached 989 billion won, a decline of 40.4 percent over the same period last year.
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Hyundai´s overseas manufacturing subsidiaries in India, China and the United States continue to show positive growth on both a unit sales and revenue basis. The company reported equity earnings of 52.3 billion won, 100.9 billion won and 57.3 billion won on its investments in Beijing Hyundai Motor Co, Hyundai Motor India and Hyundai Motor Manufacturing Alabama.
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Full details of the company´s third quarter business results are posted in the IR Presentation area on the Investor Relations website http://ir.hyundai-motor.com/eng/index.html.
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