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Hyundai Motor and Kia Motors posted good performances last year, helped by a weaker won and new models that proved popular.
In its investor relations meeting held at the Korea Exchange on Thursday, Kia said it sold 1.056 million cars last year, recording its first surplus in two years, with W16.38 trillion sales, a W308.5 billion operating profit, and a W113.8 billion net profit (US$1=W1,377). Kia had suffered losses since 2006, posting a deficit of W55.4 billion in 2007.
Hyundai Motor also announced it had sold 1.67 million vehicles last year, posting record-high sales of W32.19 trillion while it reaped W1.88 trillion in operating profit and W1.45 trillion in net profit.
As for Kia Motors, brisk demand for new models, such as Forte and Soul, helped push its domestic sales volume up 16 percent last year, while the global economic slowdown caused a 12 percent drop in exports. Meanwhile, a weaker won contributed to the increases in sales and net profit, by 2.7 percent and 739 percent respectively.
Hyundai's sales volume fell 1.9 percent, due to production delay caused by prolonged labor-management disputes and the recession. Its operating profit and net profit also dropped 3.5 percent and 13.9 percent. But, owing to a weaker won and increased sales of high value-added models, including the Genesis, the car maker's sales increased 5.1 percent, replacing its record-high sales of W30.62 trillion in 2007.
A spokesman for Hyundai-Kia Automotive Group explained, "If the won's value against the dollar falls W10 a year, sales of Hyundai and Kia rise approximately W120 billion and W80 billion respectively."
The two firms' sales were in line with estimates, but the operating profits were less than expected, analysts said.
(englishnews@chosun.com )
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