Arab Today, arab today hyundai motor posts 22 drop in q1 profit
Last Updated : GMT 17:35:42
Arab Today, arab today
Arab Today, arab today

Hyundai Motor posts 2.2% drop in Q1 profit

Arab Today, arab today

Arab Today, arab today Hyundai Motor posts 2.2% drop in Q1 profit

Hyundai Motor
Seoul - AFP

South Korea's top automaker, Hyundai Motor, Thursday reported its fifth consecutive drop in quarterly earnings after a slump in emerging market currencies slashed profits in the first three months of the year.

Net profit for the January-March period fell 2.2 percent to 1.98 trillion won ($1.83 billion), compared with 2.03 trillion won a year ago, the company said in a statement.

Chief financial officer Lee Won-Hee attributed the result -- which still beat the 1.71 trillion won predicted by 23 analysts surveyed by Bloomberg News -- to a "dramatic" weakening of the Russian and Brazilian currencies against the Korean won.

"Demand in these markets also slowed considerably, dealing a blow to our margins," he told a conference call.

Hyundai books some 85 percent of its sales overseas, so the strength of the won against other currencies can slash the value of the firm's profits at home.

Sales of its Russian and Brazilian plants calculated in the Korean currency dropped 41.2 percent and 11.2 percent from a year ago.

Lee said company had been trying to "offset the impact of currency swings in the emerging markets by raising prices... and trying to secure as much auto components locally as possible".

Operating profit tumbled 18.1 percent on-year to 1.59 trillion won, while sales dropped 3.3 percent to 20.94 trillion won, the company said.

But the market cheered the results, with Hyundai's shares rising 3.24 percent to 175,500 won.

"Hyundai has had a tough quarter," IBK Securities analyst Lee Sang-Hyun told Bloomberg. "Still, the company's sales are expected to recover."

The world's fifth-largest automaker has also struggled to meet shifting consumer demand for sport-utility vehicles, which have been growing in popularity thanks to their family image, Lee said.

Both domestic and international sales sank during the quarter, with 1.02 million cars sold abroad, down 3.6 percent from a year earlier, and domestic sales sinking 3.7 percent due to growing competition.

Still, Hyundai struck an upbeat note for the second half, counting on the new version of its Tucson SUV, unveiled earlier this year, to boost profits.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hyundai motor posts 22 drop in q1 profit Arab Today, arab today hyundai motor posts 22 drop in q1 profit

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 22:19 2017 Friday ,24 March

Reveals reasons of hepatitis in Algeria

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday