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Southern Focus
First half net profits for Hyundai
Wednesday, 12 August 2009
The Hyundai Motor Company has seen its first half net profit rise by 10.4 per cent and has also reported record quarterly profits. Net profit rose to NZD$ 992 million in the first six months of the year.
Hyundai Motors also gained a 5 percent share of the global market in the first half of this year for the first time ever, despite a 15 percent decline in global automobile demand compared to a year earlier. This result was achieved by expanded share in developed countries including the U.S., Europe and China where sales surged 56 percent. Hyundai’s global sales were up 7.3 percent last quarter while domestic sales were up 16 percent in the same period.
Hyundai sold 1,403,931 units (domestic & exports: 719,478 units, overseas plants: 684,453 units) worldwide in the first half, a 5.8 percent decrease from a year earlier as demand for automobiles in the global market fell.
“Hyundai has boosted profits and expanded market share worldwide as other carmakers falter,” Executive Director of Hyundai New Zealand, Philip Eustace, said.
“Consumer based initiatives like our Assurance programme and Hyundai’s quality has cemented our position in the top echelon of car manufacturers. In New Zealand, our market share continues to grow and we are the market leader in diesel sales.”
“It’s important to make profits to reinvest in research and development; this means that new technologies are being introduced which will ensure a car manufacturer’s future. It is good for the consumer to know that a company like Hyundai is profitable, it gives them confidence in buying the product and receiving long term aftermarket support and fulfilling the manufacturers warranty.”
Hyundai forecasts its global vehicle sales will rise at least 7 percent this year to more than 3 million units on strong growth in emerging markets. Globally, the company plans to make profits continuously in the second half of this year by introducing two new models, new Sonata and Tucson as well as developing further fuel-efficient and environmentally-friendly cars to compliment its new Elantra LPI Hybrid.
