Hyundai Q1 net up fivefold in India, China
South Korean auto major Hyundai Motor Co today reported an over fivefold increase in net profit to 1.12 trillion won in the first three months of 2010, against 225 million won in Q1 last year, driven by strong sales in India, China and the US.business Updated: Apr 22, 2010 19:06 IST
South Korean auto major Hyundai Motor Co on Thursday reported an over fivefold increase in net profit to 1.12 trillion won (Rs 4,500 crore) in the first three months of 2010, against 225 million won in Q1 last year, driven by strong sales in India, China and the US.
The company's overall sales rose by 39 per cent from the year-ago period to 8.41 trillion won in the first quarter.
Hyundai's India operations returned to profit posting an equity income of 64.4 billion won (Rs 258 crore) in the January-March period against a loss of 24.9 billion won (Rs 100 crore) in the year-ago period.
In the three months period, its sales revenue from Indian operations stood at 1.32 trillion won (Rs 5,305 crore) as against 1.09 trillion won (Rs 4,382 crore) in the same period previous year.
Hyundai's profit in China rose to 84 billion won (Rs 337 crore) in the quarter under review from 36.4 billion won (Rs 146 crore) in the first quarter of 2009.
Demand for its vehicles is on the rise in India and China. Hyundai India sold 1,62,000 units during the period, which is 33 per cent more than the number of units it sold in Q1 last year, while its Chinese sales jumped 48 per cent in the reporting period over last year to 1,62,000 units.
In the US too, its market share is growing, with its first quarter sales touching 69,000 units, up from 38,000 units in the same period last year. Hyundai's revenue from sales surged by 61.5 per cent in the US from year-ago period to 1.36 trillion won in the first quarter of this year.
In addition, sales in China stood at 2.26 trillion won in the quarter under review, an increase of 23 per cent from same quarter of 2009.