Hyundai’s profit rises by 38 percent in 3Q 2010

Article by Christian A., on October 29, 2010

Hyundai Motor Co.’s profit rose by 38% in the third quarter as sales of new models increased in overseas markets, offsetting the negative impact from a stronger won.

In the three months ended Sept. 30, net income increased to 1.35 trillion won ($1.2 billion) from 979.15 billion won a year earlier. Bloomberg had surveyed analysts and compiled 16 estimates that average a 1.23 trillion won profit.

Based on the demand for its revamped Sonata sedans and Tucson sport-utility vehicles, Hyundai could have record car sales this year.

Hyundai had benefited from a steep increase in the yen that weighed down Japanese rivals Toyota Motor Corp. and Honda Motor Co. in markets where they compete. This aided in offsetting an increase in the won that cuts Hyundai’s earnings from overseas.

Before the earnings were announced, Kim Do Joon, who helps manage $8.9 billion worth of assets at Hanwha Investment Trust Management Co. in Seoul, had come out to say that the strengthening won against the dollar is “negative.”

But as the yen’s appreciation is steeper, it’s expected that Hyundai will be able to maintain its competitive edge over Japanese rivals “for a while.”

Topics: hyundai, profit

If you liked the article, share on:

Comments

Recommended

Earlier this month, we learned that France has made moves to ban diesel and gasoline fueled cars by stopping them from entering the city. More than that, they plan to...
by - July 19, 2017
The new 2018 Rolls-Royce Phantom VIII is on the way, but still, all we had been seeing are camouflaged prototypes of the eight generation of this iconic nameplate. Fortunately though,...
by - July 19, 2017
Would you have ever imagined a Mercedes-Benz developing an upscale pickup? We first saw this last October as a concept car and now, the production model of the Mercedes-Benz X-Class...
by - July 19, 2017
Haven’t you ever wondered how Ferrari’s names and numbers were actually derived? As it is Ferrari’s 70th year in the industry, we believe that it’s only fair that we shed...
by - July 18, 2017
Earlier this month, we were getting hints that Hyundai, along with its sister company Genesis, isn’t doing so well in the United States as well as in Europe. So this...
by - July 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries