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Hyundai’s Quarterly Profits Drop 19%
Hyundai Motor Co. reports its net profit last October-December fell to 1.7 trillion won ($1.5 billion) from 2 trillion won in the same period of 2013.
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Hyundai Motor Co. reports its net profit last October-December fell to 1.7 trillion won ($1.5 billion) from 2 trillion won in the same period of 2013. Operating profit declined 8% to 1.9 trillion won.
Fourth-quarter revenue climbed 8% to 23.6 trillion won ($22 billion). But earnings suffered from the collapse of the Russian ruble and the cost of heftier sales incentives needed in the U.S. to combat stronger competition from Japanese brands.
Hyundai's full-year net income slumped 11%, and unit sales were just short of 5 million vehicles. The company predicts this year's volume will advance less than 2% its smallest gain in nine years to 5.05 million vehicles.
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