Operating profit of Hyundai Motor, South Korea’s biggest carmaker, hit a record high in the first quarter due to strong automotive demand both at home and abroad, the company said Tuesday.
Operating profit jumped 86.3 percent over the year to reach a new high of 3.59 trillion won (2.7 billion U.S. dollars) in the January-March quarter.
It topped market expectations of about 3 trillion won (2.2 billion dollars), driving the operating profit margin to an all-time high of 9.5 percent.
Revenue gained 24.7 percent to 37.78 trillion won (28.3 billion dollars), and net income soared 92.4 percent to 3.42 trillion won (2.6 billion dollars) in the first quarter.
Hyundai sold 1,021,712 vehicles across the globe in the January-March quarter, up 13.2 percent from a year earlier.
Car sales outside of South Korea grew 10.7 percent to 830,665 units, while local sales surged 25.6 percent to 191,047 units.
Hyundai attributed the strong sales to the stabilized supply of chips and components used to make vehicles, robust demand for SUV and Genesis luxury models, and the favorable foreign exchange rate.
Source: Xinhua Finance Agency