Source Pravda.Ru

Hyundai Reports Record Quarterly Profit

Hyundai Motors Co. outshined its global rivals by reporting a record quarterly profit on Thursday, as a weak won helped overseas sales and government incentives boosted domestic demand for cars.

Net income for the April-June quarter soared 48 percent to 811.9 billion won, or $650 million, South Korea’s largest car maker said in a statement. The figure compared with 546.9 billion won in net profit a year earlier and a 225 billion won profit in the first quarter of this year, New York Times reports.

At the same time, government stimulus programs in South Korea, China, Europe and the U.S. aimed at spurring auto demand lifted Hyundai’s global unit sales by 7.3 percent last quarter, the automaker said. The carmaker boosted domestic sales 16 percent in the period helped by a 30 percent cut in the sales tax and raised sales goal in China for second time this year , Bloomberg reports.

Meanwhile, Hyundai, like other automakers, has been hit by falling demand amid the global economic downturn. The Ulsan, South Korea-based company, however, has used the opportunity to introduce new models and gain market share.

Hyundai said it grabbed 5 percent global market share for the first time despite what it said was a 15 percent decline in demand for autos worldwide during the first half of 2009.

The company's performance was strong in China and India, where Hyundai has built factories to meet increasing vehicle demand in the two fast growing economies ,The Associated Press reports.

Comments
Ticking Time Bomb: Countdown to Armageddon
It is about time Russia should exit Western project
USA prepares Russia's neighbours for WWIII
British army chief says Russia can destroy UK sooner than expected
British army chief says Russia can destroy UK sooner than expected
Russia to build its own space station without USA and Europe
British army chief says Russia can destroy UK sooner than expected
Russia aware of Ukraine's pathetic intentions to disrupt World Cup
About the New Year Address of Marshal Kim Jong Un
Russia aware of Ukraine's pathetic intentions to disrupt World Cup
U.S. Humiliates South Korea, Threatens North Korea
Russia to build its own space station without USA and Europe
Russia to build its own space station without USA and Europe
It is about time Russia should exit Western project
China wants Moscow to confront pressure from Washington together
China wants Moscow to confront pressure from Washington together
British army chief says Russia can destroy UK sooner than expected
British army chief says Russia can destroy UK sooner than expected
British army chief says Russia can destroy UK sooner than expected
Ukraine's Western allies point their guns at President Poroshenko
USA prepares Russia's neighbours for WWIII