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Hyundai Posts First Quarterly Gain in 4 Years
Hyundai Motor Co. reports its net profit rose 3% to 1 trillion won ($973 million) in October-December, its first quarterly gain since 2013.
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Hyundai Motor Co. reports its net profit rose 3% to 1 trillion won ($973 million) in October-December, its first quarterly gain since 2013.
Revenue for the period was flat at 24.5 trillion won ($23 billion). Operating profit shrank 25% to a 17-year low of 775 billion won ($732 million).
Hyundai’s full-year net profit sagged 25% to an eight-year low of 4 trillion won ($3.8 billion). Global sales volume declined 6% to 4.5 million units. The company predicts further erosion this year, with results shrinking to their worst level since the global economic crisis in 2008.
The company’s vehicle sales have been hurt for the past five years by a model mix that failed to keep pace with a global shift in consumer preferences from cars to SUV/crossover vehicles. A year-long diplomatic crisis between South Korea and China over Seoul’s use of a U.S.-supplied missile defense system also dried up sales in the world’s largest car market.
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