April 26, 2024

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[THE INVESTOR] Hyundai Motor said on Jan. 25 its net profit plunged 21 percent last year from a year earlier due mainly to a strong won and slowing demand in major markets.

For all of 2017, net profit fell to 4.546 trillion won (US$4.27 billion) from 5.719 trillion won a year earlier, the company said in a statement. 

“A combination of the won’s strength against the dollar, tougher competition with rivals in major markets, such as China, and increased marketing costs had an impact on the annual bottom line,” the statement said.

Operating profit declined 12 percent on-year to 4.575 trillion won last year from the previous year’s 5.194 trillion won. Sales rose 2.9 percent to 96.376 trillion won from 93.649 trillion won, it said.

In the fourth quarter, which ended Dec. 31, however, net profit rose 21 percent to 1.288 trillion won from 1.069 trillion won a year ago. The reason for the net increase was not immediately known.

Operating profit declined 24 percent on-year to 775.2 billion won from 1.021 trillion won, and sales fell 0.2 percent to 24.501 trillion won from 24.538 trillion, the company said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)