Hyundai reports 38 per cent increase in profit
The top automaker of South Korea, Hyundai Motor, has shown a good rise in its profit, higher-than it expected. The South Korean auto major has posted a thirty eight percent increase during the third-quarter net profit. The auto major achieved the share in the global auto market with the help of its powerful sales of the newly launched products. On one side, the unsure economic possibilities are blinding the perspective for global car sales and on the other side the auto experts believe that Hyundai Motor will leave its rivals behind with the help of its robust sales of various products. The company owes the achievement of its rise in profit to the new model launches during the third quarter. The company also accepts its power in the compact cars.
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Hyundai Motor will soon launch a revised version of Hyundai Elantra in the United States. Hyundai Elantra is one of the best selling product of the company. The news versions of Hyundai Accent and Hyundai Grandeur will also be launched by the company in Korea during this quarter only. The launch of these products may help Hyundai Motor in getting more market share from its rivals, like, Toyota that is still sustaining from recalls. Hyundai Motor, the number five car maker of the world with Kia Motors and the manufacturer of the Sonata sedan, registered a 1.35 trillion won net profit. This profit was recorded for the quarter that ended during September. The profit was compared with a consensus forecast of 1.07 billion Won which was from Thomson Reuters I/B/E/S. In comparison of the earlier year, this year’s profit of Hyundai is up by 38 per cent.
The quarterly operating profit of the company increased 28 per cent to 751.8 billion won from the earlier year. On the other side, the sales of the company climbed 9 per cent to 8.85 trillion won. The company stated that its share in global market climbed to 5.5 per cent during the third quarter from 5.1 per cent the earlier quarter. The company has got a high exposure to the emerging markets but as per the experts the company’s earnings may lessen as an emerging Korean won can hit the overseas sales.
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