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Hyundai’s Quarterly Profits Fall Again
Hyundai Motor Co. reports its revenue in October-December rose 5% to 24.8 trillion won ($20.1 billion). But net profit for the period slipped 2% to 1.6 trillion won ($1.4 billion).
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Hyundai Motor Co. reports its revenue in October-December rose 5% to 24.8 trillion won ($20.1 billion). But net profit for the period slipped 2% to 1.6 trillion won ($1.4 billion).
The company’s operating profit in the fourth quarter plunged 19% to 1.5 trillion won ($1.2 billion).
It was Hyundai’s eighth consecutive quarter of year-on-year earnings decline. Analysts attribute the shrinkage to higher marketing costs in the U.S., soft demand in China and emerging markets and a product mix that doesn’t contain enough SUVs and crossover vehicles.
The company’s full-year net profit in 2015 contracted 15% to 6.4 trillion won ($5.3 billion), the smallest result in five years. Sales volume was flat at just under 5 million vehicles worldwide. Hyundai anticipates its unit sales will rise 3% this year, but the company cautions that global markets remain uncertain.
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