SOUTH KOREA: Hyundai quarterly profit soars 71%
Hyundai Motor has reported a 71% jump in quarterly profit, helped by strong sales of premium models, along with contributions from financial affiliates and overseas units.
According to Reuters, Hyundai, which controls half the home market, said on Thursday net profit rose to 656.7 billion won (US$678.2m) in October-December from 384.6 billion won a year ago.
The result beat a consensus forecast of 641.9 billion won in a Reuters poll of seven analysts.
Analysts told the news agency Hyundai is likely to see earnings improve further this year on higher prices and strong sales of top end models such as the TG Grandeur, even though export sales may be dampened by a soaring won currency.