Hyundai’s Net Profit Soars 23%
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).
It’s the fifth generation of a vehicle that has been increasing in sales year after year since its introduction in 1997.
According to Sandor Piszar, Chevrolet truck marketing director, “We engineer and build our trucks with customers’ expectations in mind.”
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