Hyundai Motor has reported Q4 profits up 15% on last year, but short of analysts’ projections as it was hit by a stronger Korean currency.
Fourth quarter net income was up 15% to 2.06 trillion won. Bloomberg said that missed a 2.22 trillion-won average of 19 analysts’ estimates it compiled.
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“Currency fluctuations – the won’s strength coupled with the yen’s weakness – weighed on our earnings,” Hyundai said in a statement.
Hyundai posted revenue of 21.94 trillion won in the fourth quarter, a 3% fall from a year earlier.
Hyundai’s 2013 profit dropped 1% to 9 trillion won, with the company blaming lower demand from domestic consumers and production disruptions caused by strikes, as well as the rapid appreciation of the won against the Japanese yen.
Hyundai plans to increase deliveries this year by 3.8% to 4.9m vehicles.
INDIA: Currency affects ‘underperforming’ Hyundai in 2013 – analyst
