Hyundai Profit Increases Nearly Fourfold
Hyundai Motor, the biggest South Korean auto maker, said Thursday that its quarterly profit had almost quadrupled as its small cars proved popular with recession-weary buyers.
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Source: Hyundai Profit Increases Nearly Fourfold
Quote from the article:
Fourth-quarter net profit reached 945.5 billion won, or $819.7 million, considerably more than analysts’ forecasts. That total compared with profit of 243.5 billion won in the fourth quarter of 2008 and profit of 979.1 billion won in the third quarter of 2009. Sales in the October-December quarter grew 9.3 percent from the same period a year earlier, to 9.65 trillion won. Hyundai also posted a record quarterly operating profit of 837.2 billion won, up 44 percent from a year earlier. Hyundai is expected to see healthy sales growth this year as economic recovery and new models bolster demand, analysts said, though a stronger won and fewer government incentives for car buyers are potential risks. Hyundai’s robust earnings were reported as shares in Toyota Motor, the world’s largest auto maker, fell sharply because of concerns about its image and profits after it halted sales of several top models in the United States to fix an accelerator fault. |
Source: Hyundai Profit Increases Nearly Fourfold
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