Hyundai Motor Q1 profit soars; beats consensus

SEOUL, April 22 (BestGrowthStock) – South Korea’s Hyundai Motor Co
(005380.KS: ) saw quarterly profits more than quadruple, aided by a
strong performance in the fast-growing Chinese and Indian markets
and an aggressive sales push in the United States.

Hyundai, with affiliate Kia Motors (000270.KS: ) the world’s
fifth largest carmaker, reported on Thursday a 702.7 billion won
($634.4 million) operating profit in the quarter ended March,
versus 153.8 billion won a year ago and a record 837.2 billion
won in the December quarter, when its smaller cars appealed to
recession-weary buyers.

The results beat a mean forecast of 573.6 billion won from 25
analysts surveyed by Thomson Reuters I/B/E/S.

With the launch of a revamped Sonata sedan and Tucson sport
utility vehicle driving its U.S. sales to a record last month,
Hyundai is expected to keep its momentum and close the gap with
larger rivals, led by Japan’s Toyota Motor Corp (7503.T: ).

Hyundai shares, which trebled last year, resumed their rally
and hit a record high earlier this month. The stock dropped 4.6
percent in the first quarter, when the benchmark KOSPI (.KS11: )
gained 0.6 percent.

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(Reporting by Kim Yeon-hee; Editing by Jonathan Hopfner)

Hyundai Motor Q1 profit soars; beats consensus