Hyundai Motor first-quarter net profit up 24 percent; beats forecast

Hyundai Motor first-quarter net profit up 24 percent; beats forecast

South Korea's Hyundai Motor posted a 24 percent rise in net profit for the January-to-March quarter on improving sales at home and the United States, although weak business in China reined in the pace of growth.

FILE PHOTO: A Hyundai Motor's booth is seen near the Pyeongchang Olympic Plaza in Pyeongchang
FILE PHOTO: A Hyundai Motor's booth is seen near the Pyeongchang Olympic Plaza in Pyeongchang, South Korea, February 11, 2018. REUTERS/Kim Hong-Ji/File Photo

SEOUL: South Korea's Hyundai Motor posted a 24 percent rise in net profit for the January-to-March quarter on improving sales at home and the United States, although weak business in China reined in the pace of growth.

Hyundai Motor posted a first-quarter net profit of 829 billion won (US$721.81 million), versus 668 billion won a year earlier. This was above an average estimate of 758 billion profit from 15 analysts, according to I/B/E/S Refinitiv data.

Its operating profit rose 21 percent to 825 billion won, while its revenue was up 7 percent to 23.99 trillion won.

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar and Christopher Cushing)

Source: Reuters

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