Seoul: South Korea's largest automaker Hyundai Motor Company said quarterly profit jumped fivefold to a record after an economic recovery with new models spurring demand.
The company's net income rose to $1 billion (Dh3.67 billion) in the three months ending March 31, from 225 billion won a year earlier, the Seoul carmaker said today. That compares with the 790.3 billion-won average of 26 analyst estimates compiled by Bloomberg. Sales gained 40 per cent to 8.42 trillion won.
The automaker said revamped Sonata sedans and Tucson sport utility vehicles helped drive first-quarter vehicle sales 26 per cent from a year earlier to 825,100 units. Hyundai also benefited from a strengthening yen. The stock had advanced 3.7 percent this year after more than tripling in 2009.
Operating profit surged more than fourfold to 702.7 billion won from 153.8 billion won, the statement said.
Gains from Affiliates
Hyundai's global market share for the quarter was 4.8 per cent, up from 4.7 per cent a year earlier. Retail sales in its home market increased 30 per cent.
In the U.S., the carmaker raised sales 16 per cent giving it a market share of 4.4 per cent, Hyundai said. Sales at Toyota climbed 7.2 per cent
