News Column

Hyundai Reports Record Profits in 2012

Jan. 24, 2013
2013 Hyundai Santa Fe Sport (photo courtesy of Hyundai)
2013 Hyundai Santa Fe Sport (photo courtesy of Hyundai)

South Korean car maker Hyundai reported Thursday record profits of 9.1 trillion won (8.5 billion dollars) in 2012 despite an unexpected drop in the last quarter.

Year on year net income rose 11.7 per cent, the company said, while revenue rose 8.6 per cent to 84.5 trillion won.

Hyundai, which with sister company Kia Motors ranks as the fifth largest carmaker globally, aims to deliver 4.66 million units in 2013, or 7.41 million including Kia Motors cars. Hyundai alone in 2012 delivered 4.4 million vehicles.

In the fourth quarter, Hyundai profits dipped 5.5 per cent to around 1.9 trillion won, a fall that exceeded analysts' expectations. The drop was attributed primarily to the strong appreciation of the won.

Hyundai CEO Chung Mong Koo in early January warned company employees of possible worsening business conditions, due mainly to the eurozone debt crisis as well as the weakening world economy.

For more coverage on the automotive industry, please see HispanicBusiness' Auto Channel

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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