April 27, 2024
Automobiles
Hyundai Motor’s Q1 net profit plunges 21%
[THE INVESTOR] Hyundai Motor on April 26 posted a 21 percent drop in first-quarter net profit due to weak sales in China and emerging markets.
In the January-March period, the company’s net profit stood at 1.4 trillion won (US$1.3 billion) as against 1.77 trillion won a year earlier, the company said in a regulatory filing.
“Sharp sales declines in China and some Asian and Middle Eastern markets had an impact on the quarterly bottom line despite rises in such places as Russia and Brazil,” the statement said.
Operating profit also fell to 1.25 trillion won in the first three months, down 6.8 percent from 1.34 trillion won a year earlier. Sales rose 4.5 percent to 23.36 trillion won from 22.35 trillion won in the first quarter of 2016.
By Alex Lee and newswires (alexlee@heraldcorp.com)
In the January-March period, the company’s net profit stood at 1.4 trillion won (US$1.3 billion) as against 1.77 trillion won a year earlier, the company said in a regulatory filing.
“Sharp sales declines in China and some Asian and Middle Eastern markets had an impact on the quarterly bottom line despite rises in such places as Russia and Brazil,” the statement said.
Operating profit also fell to 1.25 trillion won in the first three months, down 6.8 percent from 1.34 trillion won a year earlier. Sales rose 4.5 percent to 23.36 trillion won from 22.35 trillion won in the first quarter of 2016.
By Alex Lee and newswires (alexlee@heraldcorp.com)
