Hyundai Motor is expected to post a 7% dip in quarterly profit on Thursday as a firm won currency dented the value of overseas sales, but its outlook is slightly better, according to Reuters.
Go deeper with GlobalData
The news agency noted that Hyundai, currently embroiled in a domestic cash-for-favours scandal, sells two-thirds of its vehicles abroad and should gain from increasing sales of higher-end models such as its Sonata sedan this year.
For the full-year, Hyundai is seen increasing net profit by 6.5% to 2.46 trillion won, according to forecasts by 24 analysts compiled by Reuters Estimates.
“A better product mix will offset the impact of a surging won, at least partially,” Choi Dae-sik, analyst at CJ Investment Securities, was quoted as saying.
The won was 4.5% stronger against the dollar in January-March from a year ago and recently hit fresh eight and a half year highs against the US currency, the news agency noted.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJanuary-March net profit is forecast at 473.1bn won ($499 million), according to seven analysts polled by Reuters, down 7.2% from 509.8bn won a year ago and 28% below the 656.8bn won it earned in the previous quarter.
Sales are forecast at 6.72 trillion won, 8.9% higher than a year ago, but down 17.2% from the previous quarter, the report added.
