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SKOREA-AUTO-HYUNDAI-EARNINGS
Hyundai Motor sees profit grow in second quarter
SEOUL, July 22, 2019 (BSS/AFP) – South Korea’s largest automaker Hyundai
Motor saw net profit pick up by almost a quarter in April-June thanks to its
sport utility vehicles (SUV) and weak won.
Net profit during the period rose 23.3 percent on-year to 999 billion won
($847 million), the firm said in a statement, sustaining its earning streak
from the first three months of the year.
The January-March reading marked a recovery for Hyundai after it posted
its first quarterly loss in eight years.
The latest increase was “driven by improved product mix with new SUV
models” and came despite “the sluggish global economic growth” fuelled by the
China-US trade row, the company said.
The “currency impact” of the weaker South Korean won also contributed to
the improved bottom line, it added.
“The company will further streamline production, sales and other
capabilities in its regional headquarters to better tailor products and
services,” it said, adding it will roll out the first SUV lineup of its
Genesis brand later in the year to continue its “SUV-centred sales”.
The company’s operating profit jumped 30 percent on-year to 1.24 trillion
won, while revenues rose 9.1 percent.
Shares in the firm closed down 1.1 percent.
BSS/AFP/HR/1400