Hyundai Motor first-quarter net profit hits record high

Posted on Friday, 23 April 2010 , 01:04:10 byAlina

Filed under recordfirst-quarterprofithyundai-motorHyundai

Hyundai Motor first-quarter net profit hits record high

South Korean carmaker Hyundai Motor Co increased its net profit for the first quarter fivefold to 1.13 trillion won (1.02 billion dollars), it announced Thursday. That was five times higher than net profit of 225 billion won in the same period last year. Company spokesman Ki Jin-ho said the net profit figure was an all-time high on a quarterly basis.

The maker of the Elantra and Sonata sedans and the luxury Genesis also said quarterly sales rose 39.6 percent to 8.42 trillion won from 6.03 trillion won a year earlier.

Hyundai, which shares the spot of the world's fifth-biggest carmaker with affiliate Kia Motors Corp, said global sales by volume jumped 36.6 per cent to 842,000 units year-on-year.

Hyundai showed strong performance in China, India and the United States during the first quarter. Its Chinese sales volume increased by 48.1 per cent to 162,000 units. Sales volume in India increased by 33.8 per cent, while US sales were up 78.3 per cent.

The Hyundai-Kia group plans to push sales past the 5-million-unit mark in 2010, following sales of 4.6 million units in 2009.