South Korean automaker Hyundai Motor Co posted its first quarterly profit rise in a year as strong sales in China and Brazil countered lacklustre performances at home and the United States.
Hyundai Motor, the world's fifth-biggest carmaker along with affiliate Kia Motors Corp, said on Thursday net profit rose 3.9 per cent to 2.3 trillion won in the third quarter ended September compared with earlier. That was slightly above an average forecast of 2.17 trillion won according to Thomson Reuters I/B/E/S.
The automaker posted an operating profit of 2.0 trillion won and revenue of 20.8 trillion won.
Hyundai Motor, once the stellar performer in the global auto industry, is losing some of its lustre. Its U.S. market share is stagnating as a weaker yen revives its Japanese rivals. The South Korean automaker is also battling the growing popularity of BMW and Volkswagen in its home market following trade deals.
Shares of Hyundai Motor have jumped 16 per cent over the past three months on hopes that its upcoming models Genesis and Sonata may help rekindle earnings growth.
Copyright: Thomson Reuters 2013
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