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Hyundai records biggest profit gain in seven years

2019-07-23 10:30
hyundai

Image: Reuters

South Korea's largest automaker Hyundai Motor saw net profit pick up by almost a quarter in April-June thanks to its sport utility vehicles (SUV) and weak won.

Net profit during the period rose 23.3% on-year to 999-billion won, the firm said in a statement, sustaining its earning streak from the first three months of the year.

The January-March reading marked a recovery for Hyundai after it posted its first quarterly loss in eight years. 

The latest increase was "driven by improved product mix with new SUV models" and came despite "the sluggish global economic growth" fuelled by the China-US trade row, the company said.  

The "currency impact" of the weaker South Korean won also contributed to the improved bottom line, it added. 

"The company will further streamline production, sales and other capabilities in its regional headquarters to better tailor products and services," it said, adding it will roll out the first SUV lineup of its Genesis brand later in the year to continue its "SUV-centred sales".

The company's operating profit jumped 30% on-year to 1.24-trillion won, while revenues rose 9.1%.

Shares in the firm closed down 1.1%.

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