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  Business   Autos  22 Jan 2020  Hyundai fourth-quarter profit beats view on brisk SUV sales, shares jump 5 pc

Hyundai fourth-quarter profit beats view on brisk SUV sales, shares jump 5 pc

REUTERS
Published : Jan 22, 2020, 12:54 pm IST
Updated : Jan 22, 2020, 12:54 pm IST

Hyundai booked a 129.8 billion won loss, its first quarterly loss in at least eight years as sales slumped in China.

Net profit for the quarter came in at 839 billion won, missing analysts’ estimates.
 Net profit for the quarter came in at 839 billion won, missing analysts’ estimates.

Seoul: South Korea’s Hyundai Motor Co reported a better than expected quarterly operating profit, helped by brisk sales of sport-utility vehicles such as its Tucson and Palisade models.

Operating profit for October-December came in at 1.24 trillion won (USD 1.07 billion), outperforming analysts’ average estimate of 1.06 trillion won, according to Refinitiv I/B/E/S data. That drove Hyundai Motor shares up 5 per cent.

 

Net profit for the quarter came in at 839 billion won, missing analysts’ estimates.

In the same quarter a year earlier, Hyundai booked a 129.8 billion won loss, its first quarterly loss in at least eight years as sales slumped in China. It has since closed one of its five Chinese factories. (USD 1 = 1,163.69 won)

In 2019, robust SUV sales helped Hyundai’s U. vehicle sales grow about 7.7 per cent, analysts said, though its sales in China, the world’s biggest auto market, continued to struggle.

Tags: hyundai, profit, shares, revenue
Location: South Korea, Seoul