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Hyundai’s Net Profit Slips
South Korea's Hyundai Motor Co. earned a net profit of 2.03 trillion won ($2 billion) in the first quarter of 2014, down 3% from the same period last year.
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South Korea's Hyundai Motor Co. earned a net profit of 2.03 trillion won ($2 billion) in the first quarter of 2014, down 3% from the same period last year.
Analysts blame the won, which has strengthened to an eight-year high in the past 12 months. The currency gained 8% against the U.S. dollar during that period.
First-quarter sales volume grew 5% to 1.22 million vehicles. Revenue advanced 1% to 21.7 trillion won ($21 billion).
Hyundai's consolidated operating profit rose 4% to 1.94 trillion won in January-March. Analysts note the increase is due mainly to a year-earlier profit depressed by 90 billion won that had been set aside to cover recall costs in the U.S.
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