Hyundai Motor Reports 2011 Third Quarter Earnings
Hyundai Motor Company, South Korea’s largest automaker, sold 2,949,914 units (domestic: 510,228 / overseas: 2,439,686) worldwide in the first nine months of the year, up 10.5 percent from the same period a year earlier, led by the launch of new models and strengthened product competitiveness throughout its lineup.
Net profit increased 34.1 percent to 6.1 trillion won as of the end of September from a year earlier, while operating profit rose 27.1 percent to 5.95 trillion won. Improved product mix and sales growth boosted sales revenue by 18.2 percent to 57.28 trillion won. Double-digit sales growth in the overseas markets was a main contributor to the increase in revenue and operating profit.
New models such as Accent (badged as Verna in some markets), Grandeur (Azera), Veloster and i40 drove up sales in all regions. Hyundai’s overseas sales rose 11.2 percent from the same period last year, while its domestic sales increased 7.3 percent.
For the remainder of the year, global demand is expected to be lower than the industry’s original forecast earlier this year, due to unfavourable external factors such as the European financial crisis and slower growth in emerging markets. In order to overcome these hurdles, Hyundai will strengthen its focus on qualitative growth and implementing innovative marketing strategies. Hyundai will also accelerate its efforts to develop more fuel-efficient and eco-friendly models.
Hyundai’s improved brand image attests to such overall efforts: In a survey of Interbrand’s Best Global Brands 2011, the automaker’s brand value surged 19.3 percent to US$6 billion, the biggest jump among all global automakers.
Hyundai will continue to elevate its quality, while widening customers’ choices by providing more regionally exclusive models that cater to local preferences.
* Starting from this year, Hyundai Motor is basing its earnings on the International Financial Reporting Standards (IFRS), replacing K-GAAP.
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