Published on October 30th, 2011 | by Daniel Sherman Fernandez0
Hyundai profits rise by 21% in the third-quarter of 2011
In the three months ended Sept. 30, Hyundai’s net income increased to 1.92 trillion won ($1.7 billion) while it had 1.59 trillion won the previous year. Hyundai may have a profit of 1.89 trillion won. Hyundai Motor is likely to reach sales of over 4 million vehicles in 2011 as it raises production from factories in markets like China, according to Chief Financial Officer Lee Won Hee. Analysts think that the gains will lead to record earnings for Hyundai. They also believe that it will surpass the profits of Japan’s Toyota Motor Corp. Lee Jin Woo, senior fund manager at KTB Asset Management Co., which oversees $4.6 billion assets including Hyundai shares, said that these earnings reaffirmed just how competitive Hyundai is in overseas markets.
He added that industry demand may be sluggish in 2012 due to the global economic downturn but he expects Hyundai to perform better than its rivals. From January to September 2011, Hyundai was able to sell 3 million vehicles. It’s on track to deliver over 4 million units in 2011.