Hyundai Motor Q1 earnings surprise to the upside
Hyundai Motor Co. turned around in the first quarter after registering its first quarterly net loss in the previous three-month period thanks to better-than-expected sales of new models, decreasing incentive spending in the US, and a weaker won, which helped offset weaker sales in China which slumped 19 percent to its lowest since the global economic downturn in 2009.
South Korean auto giant increased its operating profit for the first time in six quarters.
Stocks impacted: Hyundai Motor Co. (HYUD, 005380)
Meanwhile, Hyundai's sales in South Korea rose 9 percent to its highest since 2002 in the first quarter. The 24 percent rise in net profit from an eight-year low hit a year ago came after the company recently revealed plans to suspend production at its oldest plant in China as it grapples with massive overcapacity in its biggest market. The operating profit rose 21 percent to 825 billion won, while its revenue was up 7 percent to 23.99 trillion won. After the report, the company’s shares rose by nearly 2 percent.
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