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Hyundai Post First Quarterly Loss in 7 Years
Hyundai Motor Co. and its Kia Motors affiliate posted an unexpected fourth-quarter net loss of 203 billion won ($180 million), its first in at least seven years.
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Hyundai Motor Co. and its Kia Motors affiliate posted an unexpected fourth-quarter net loss of 203 billion won ($180 million), marking its first any-quarter loss since at least 2011.
Revenue for the period climbed 5% to 25.7 trillion won ($23 billion). But the combined quarterly operating profit for the company’s two brands shrank 35% to 501 billion won ($444 million).
Full-year net profit for Hyundai-Kia plunged 63% to 1.5 trillion won ($1.3 billion), marking the sixth consecutive year of year-on-year decline. Vehicle sales dipped 1% to 7.4 million units.
The company predicts new models will help the two brands boost combined volume this year to 7.6 million units.
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