Profits of Hyundai jumped fourfold in the fourth quarter
The largest South Korean carmaker Hyundai please their shareholders with news that profits for the last three months of 2009 increased nearly four-fold. This helped and government programs in many countries around the world to promote sales of new and more efficient vehicles, police Bloomberg. The net profit of Seoul-based car company is increased to 945.5 billion South Korean won (821 million dollars) for the fourth quarter of last year from 243.5 billion won profit a year ago. This was more than market expectations for a positive financial result of 815.6 billion won. Hyundai sales in the fourth quarter rose by 9.3 percent annually to 9.65 trillion. won. Leadership plans to market in South Korea for at least three new models this year. This continues to be the most profitable market for the company as sales there rose by 63% yoy in the fourth quarter. Throughout the past year the retail sales of Hyundai’s worldwide increased by 14 percent to a record 3.2 million vehicles. The company’s market share is increasing in the United States, China and India. The global market share of the company last year reached 5.2 percent, according to Chief Financial Officer of Hyundai Hee Lee Vaughn.
Shares of Hyundai Increase 4.1% to 113 500 won on the Seoul stock exchange. Since the beginning of this year the market capitalization of the automotive company declined with 6,2 per cent, having previously tripled in 2009. Hyundai sales in the United States throughout the past year increased by 8.3 percent to 435 064 vehicles, which is the strongest growth among all leading car manufacturers in the world. Hyundai was able to increase its market share to the Japanese rival Toyota and American General Motors, thanks to good marketing and supply of small, economical cars.
Tags: Hyundai, profits, quarter profit