Hyundai's 2008 First Half Net Profit Up 2.2%
2008-08-05 Source：english.chinabuses.com
Hyundai Motor Company, South Korea's largest automaker, sold 1,489,801 units (domestic & exports: 908,233 units, overseas plants: 581,568 units) worldwide in the first half, a 15 percent increase from a year earlier, helped by stronger sales of its high–end sedans such as the Genesis and the newly designed Sonata.
Net profit rose 2.2 percent to 939.6 billion won in the first six months of the year from 918.9 billion won a year earlier. Sales rose 17 percent to 17.3 trillion won from 14.8 trillion won a year earlier, while operating profit gained 25 percent to 1.2 billion won.
First half earnings increased on an improved product mix and continued cost–cutting efforts. The company's exports were led by strong demand for the i30 in Europe and small– to mid–size sedans in emerging markets. Profits were also helped by favorable currency exchange rates. Hyundai Motor benefits from a weaker Korean won against major currencies such as the US dollar and the euro.
Rising raw material and oil prices are likely to continue in the second half, posing a challenging business environment. However, Hyundai Motor plans to overcome the difficulties through its continuing cost–cutting efforts and aggressive export strategy.
Higher oil prices and strong demand from emerging markets are boosting sales of small – and medium–sized sedans worldwide. Hyundai Motor will actively respond to this industry–wide shift in demand through its recently–expanded plants in India and China. The company will also open its plant in the Czech Republic by the end of this year, ahead of the planned April opening date.
Hyundai Motor will also double its efforts to develop highly fuel–efficient and environmentally–friendly cars, such as hybrid and fuel cell vehicles, in response to higher oil prices and consumers' environmental concerns. The company will use this challenging business environment as an opportunity to improve its strategy and strengthen its competitiveness.
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