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Hyundai profits up 13% in third quarter
SEOUL - South Korea's largest carmaker Hyundai Motor reported a 13% increase in its third-quarter net profit from a year earlier, despite a series of damaging strikes that hurt production.
Consolidated net profit was ?2.17-trillion ($1.97bn) in third quarter to September compared with ?1.92-trillion a year earlier, the company said.
Sales rose 3.6% year-on-year to ?19.65-trillion and operating profit increased 3.1% to ?2.06-trillion.
Hyundai's labour union staged partial strikes in July and August, cutting production by more than 82,000 vehicles valued at ?1.7-trillion.
But its move to shift more production overseas helped limit the impact of labour action, the company said, adding that it had also benefited from the Korean won's appreciation against the dollar.
Hyundai said its global annual production capacity would reach 4.51m vehicles, including 2.65m sold overseas, by the end of December.
"Hyundai is likely to post a double-digit growth in profits for the fourth quarter with the normalisation of domestic plants, expanded capacity in China and the introduction of three shifts at its Alabama plant," said Korea Investment and Securities analyst Suh Sung-Moon.
Source: AFP via I-Net Bridge.
Source: I-Net Bridge
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