Hyundai Motor Reports Record Profit in Q3

Increased market share abroad

Hyundai Motor, on Oct. 22, reported net profit in the three months to the end of September more than tripled to 979.1 billion won (US$826 million)from 264.7 billion won a year earlier.

Sales rose 33.8% year-on-year to 8.09 trillion won while operating profit jumped to 586.8 billion won from 104.5 billion won at the same point last year.

Hyundai's global market share rose to 5.5% in the third quarter from 5.2% in the previous quarter.

"Our market share has been increasing abroad," the company said, adding that it saw sales growing further in major and emerging markets.

Hyundai aims to sell 3.05 million vehicles this year, compared to 2.84 million last year, chief financial officer Chung Tae-Hwan said, citing strong demand for new models at home and abroad.

He said global demand for cars would recover from the fourth quarter through next year.

Copyright Agence France-Presse, 2009

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish