Hyundai Motor Co., Ltd. (HYMLF.OB, HYMTF.OB) reported Thursday that its first-quarter net profit including non-controlling interest increased 175.4 per cent to 1.52 trillion Korean won from 552.7 billion won in the same period of last year.
Hyundai’s operating profit rose 91.8 per cent to 1.66 trillion won from 863.8 billion won a year ago, when the Covid-19 pandemic began to hit profitability. Operating profit margin was 6 per cent.
Revenue increased 8.2 per cent to 27.39 trillion won from 25.32 trillion won last year.
The company sold 1,000,281 units in the quarter, up 10.7 per cent from 903,364 units a year ago.
Sales in markets outside of Korea increased 9.5 per cent to 814,868 units as industry demand remained weak in most markets around the world.
Sales in Korea climbed 16.6 per cent to 185,413 units, led by new models, including the all-new Tucson SUV. The G80 sedan and GV70 SUV of the Genesis luxury brand also helped boost sales.
Looking ahead, Hyundai Motor said it expects to maintain sales momentum with new lineups such as IONIQ5.
The company expects globally expanded economic stimulus plans to help boost auto demand but the prolonged Covid-19 pandemic, semiconductor chip supply condition, and raw material cost fluctuation will likely amplify business uncertainty.