Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Hyundai Motor sees profit grow in second quarter

Hyundai Motor family raises $1.1 bn with stake sale/AFP

SEOUL, South Korea, Jul 22 – South Korea’s largest automaker Hyundai Motor saw net profit pick up by almost a quarter in April-June thanks to its sport utility vehicles (SUV) and weak won.

Net profit during the period rose 23.3 percent on-year to 999 billion won ($847 million), the firm said in a statement, sustaining its earning streak from the first three months of the year.

The January-March reading marked a recovery for Hyundai after it posted its first quarterly loss in eight years.

The latest increase was “driven by improved product mix with new SUV models” and came despite “the sluggish global economic growth” fuelled by the China-US trade row, the company said.

The “currency impact” of the weaker South Korean won also contributed to the improved bottom line, it added.

“The company will further streamline production, sales and other capabilities in its regional headquarters to better tailor products and services,” it said, adding it will roll out the first SUV lineup of its Genesis brand later in the year to continue its “SUV-centred sales”.

The company’s operating profit jumped 30 percent on-year to 1.24 trillion won, while revenues rose 9.1 percent.

Shares in the firm closed down 1.1 percent.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...