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Strong Won Dents Hyundai Quarterly Profit
South Korea's Hyundai Motor Co. boosted revenue 11% year over year to 22.7 trillion won ($21.3 billion) in the fourth quarter of 2012.
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South Korea's Hyundai Motor Co. boosted revenue 11% year over year to 22.7 trillion won ($21.3 billion) in the fourth quarter of 2012.
But net earnings slid 6% to 1.9 trillion won ($1.8 billion), and operating income dropped 12% to 1.8 trillion won ($1.7 billion). The company blames the surging value of the Korean won.
The currency rose 4% against the dollar from October through December, thus making Korean-built vehicles more expensive abroad and eroding repatriated profits. Hyundai predicts the won will continue to climb in 2013.
The company's full-year revenue grew 9% to 84.5 trillion won ($79.2 billion) as its global vehicle sales increased 9% to 4.41 million units. Net profit advanced 12% to a record-high 9.06 trillion won ($8.5 billion). Operating income rose 5% to 8.4 trillion won ($7.9 billion).
Hyundai expects to hike worldwide volume to climb 6% to 4.66 million vehicles this year.
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