Hyundai Motor Co. posted a record quarterly operating profit as its small vehicles seem to become more popular with recession-weary car shoppers and analysts are saying that the Korean automaker should keep its edge over rivals, especially with Toyota facing an image crisis with the numerous recalls.
Hyundai reported an October-December operating profit of 837.2 billion won ($728.4 million USD), up 44 percent from a year earlier. Fourth-quarter net profit nearly quadrupled to 945.5 billion won ($822.7 million USD), well above analysts’ forecasts.
Sales for Hyundai were up 9.3 percent to 9.65 trillion won ($8.40 billion USD).
Hyundai’s sister brand Kia is also expected to see a sales growth this year as the economy recovers.
– By: Stephen Calogera