April 19, 2024
Automobiles
Hyundai Motor’s net profit plunges 48% in Q1
[THE INVESTOR] Hyundai Motor said on April 26 its first-quarter net profit plunged 48 percent as a strong won weighed on its bottom line.
Net profit for the three months ending on March 31 fell to 731.6 billion won (US$678 million) from 1.406 trillion won a year earlier, the company said in a statement.
“The net result was affected by the won’s strength against the dollar and decreased working days due to strikes during wage talks for this year,” the statement said.
Operating profit also declined 46 percent to 681.3 billion won in the first quarter from 1.251 trillion won a year ago. Sales were down 4 percent to 22.437 trillion won from 23.366 trillion won during the same period, it said.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
Net profit for the three months ending on March 31 fell to 731.6 billion won (US$678 million) from 1.406 trillion won a year earlier, the company said in a statement.
“The net result was affected by the won’s strength against the dollar and decreased working days due to strikes during wage talks for this year,” the statement said.
Operating profit also declined 46 percent to 681.3 billion won in the first quarter from 1.251 trillion won a year ago. Sales were down 4 percent to 22.437 trillion won from 23.366 trillion won during the same period, it said.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
