Hyundai’s global net profit for Q1 higher at $2.15 billion
Despite a slowdown in automotive sales in China and European markets, Hyundai was able to beat the odds and increase its net profit by almost a third to $2.15 billion for the first three months of 2012. Hyundai also posted a KRW2.45 trillion in net profit for the first quarter of 2012, up from KRW1.88 trillion for the same period in 2011.The figures were way higher than a consensus forecast of KRW2.07 trillion from Thomson Reuters. This also marks the period when Hyundai posted record sales after changing accounting methods a year ago. Hyundai’s first quarter feat is a sharp contrast to the dismal performance of the European automotive market, which dipped 8 percent. Hyundai was able to beat the odds in Europe by introducing new models like the i30 compact hatch, which sold 101,328 units in 2011, making it Hyundai’s best-selling model in Europe.
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