Hyundai Motor reports record high net for Q1

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Hyundai Motor reports record high net for Q1

Published: 25 Apr. 2023, 14:49

Hyundai Motor headquarters in Yangjae-dong, southern Seoul [YONHAP]

Hyundai Motor reported an all-time quarterly high of 3.42 trillion won ($2.6 billion) in net profit in the first quarter, driven by vibrant sales of high-margin vehicles and a weak local currency.

On year, net jumped 92.4 percent and comfortably beat the market consensus of 2.6 trillion won compiled by FnGuide.

Operating profit soared 86.3 percent to 3.6 trillion won, also an all-time quarterly high and overshooting analyst expectations of 2.9 trillion won.

Revenues rose 24.7 percent to 37.8 trillion, a record high for any first quarter performance and also surpassing the consensus.

"Production increased as global shortages of automobile semiconductors improved," the automaker said Tuesday. "High-margin vehicles like EVs and SUVs also helped."

BY SARAH CHEA [[email protected]]