Hyundai Motor Q1 net profit up 31 pct on overseas gains

SEOUL, Apr 26: South Korea’s Hyundai Motor increased its quarterly net profit by 31 percent, beating forecasts, as strong sales of its Sonata and Elantra models in the United States and its i30 compact in Europe more than offset weak sales at home.
The world’s fifth-biggest automaker with affiliate Kia Motors posted a 2.45 trillion won ($2.15 billion) net profit for January-March, compared with a consensus forecast of 2.07 trillion won from Thomson Reuters I/B/E/S.
That is up from 1.88 trillion won in net profit a year ago and 2.0 trillion won in the preceding quarter.
Shares in Hyundai Motor have risen about 13 percent this month, while most of its global rivals have fallen. The stock hit a life high of 269,500 won ($240) on April 9. The benchmark stock index has slipped 2.3 percent. ($1 = 1141.2500 Korean won) (agencies)


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