Hyundai Motor Q1 net profit jumps 31 per cent on strong sales

South Korea's largest carmaker Hyundai Motor said Thursday its first-quarter net profit jumped 31 per cent from a year earlier thanks to strong sales overseas and reduced marketing costs.

Consolidated net profit was 2.45 trillion won (S$2.67 billion) in January-March compared with 1.87 trillion won a year earlier, the company said.

Sales rose 11 per cent year-on-year to 20.16 trillion won and operating profit climbed 25 per cent to 2.28 trillion won.

Overseas sales - both cars shipped from South Korea and those made by Hyundai's overseas plants - reached 917,879 units in the first quarter, up 22 per cent from the year before.

But the company said domestic sales declined 7 per cent year-on-year to 154,800 units.

ORIGINAL SOURCE
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