Hyundai Earns Almost W2 Trillion in Q1

Hyundai Motor achieved an operating profit of almost W2 trillion during the first quarter of this year, powered by rollouts of new cars despite the impact of a weak Japanese yen (US$1=W1,040).

A Hyundai spokesman on Thursday said the company sold 166,675 cars in Korea in the first quarter, up 4.5 percent compared to the same period last year, while global sales totaled 1.23 million, up 4.8 percent. This led to W21.65 trillion in sales and a W1.94 trillion operating profit.

The automaker achieved an operating margin of nine percent, compared to 8.7 percent last year.

Hyundai chief financial officer Lee Won-hee said, "Marketing costs grew to reduce inventory of the old YF Sonata models, while quantitative easing in the U.S. and weakening currencies in emerging countries led to a slight drop in quarterly net profit on-year. We expect to recover this after the second quarter as new cars including the new Sonata make their impact felt."

englishnews@chosun.com / Apr. 25, 2014 11:16 KST