7/22/2019

Hyundai’s Net Profit Soars 23%

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A richer mix of SUVs gave Hyundai Motor Co. hefty second-quarter gains in revenue and operating profit—and its sharpest jump in net profit in more than seven years.

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A richer mix of SUVs gave Hyundai Motor Co. hefty second-quarter gains in revenue and operating profit—and its sharpest jump in net profit in more than seven years.

The company’s unit sales for the period climbed 7% to 1.10 million vehicles, offsetting a 3% decline in the first quarter. Revenue grew 9% to 27 trillion won ($22.9 billion), aided by a 6% weaker won against the U.S. dollar.

Hyundai’s operating profit in April-June jumped 30% to 1.2 trillion won ($1 billion). Net profit climbed 23% to 1 trillion won ($849 million). The company vows to take further cost-cutting actions in production, sales and regional headquarters operations.

Through the first half of 2019, Hyundai’s unit sales declined 5% to 2.13 million vehicles worldwide. But revenue for the six-month period grew 8% to 50.9 trillion won ($43.2 billion), and net profit jumped 27% to 2 trillion won ($1.7 billion).