Hyundai Motor shares rose on Thursday as the company announced a 4% rise in operating profit in the first quarter, according to Reuters.
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This was despite sales being hit by the investigation into slush funds and bribes that has seen the group’s chairman Chung Mong-koo arrested and detained in South Korea.
Hyundai benefited from sales of higher priced models such as the TG Grandeur and Sonata both at home and abroad, offsetting the impact of a higher won. First quarter sales grew 11.2% to 6.86 trillion won (US$7.3bn) from 6.17 trillion won a year ago and 8.12 trillion in the fourth quarter of 2005.
The operating result was better than the stock market had expected at 335.3bn won, compared with a 322.7bn won profit a year ago and 335.5bn won in the previous quarter.
Net profit fell 37% to 318.8bn won, down from 509.8bn won a year ago and 656.8bn in the previous quarter.
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By GlobalDataAccording to Reuters, Hyundai’s new US plant unit contributed 63.6bn won to its overall earnings in the first quarter, compared to a 52.4bn loss a year ago.
