Hyundai Motor Q1 profit up 47 pct on new models
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South Korea's Hyundai Motor reported a 47 per cent jump in quarterly net profit, driven by strong demand for its new models as its Japanese rivals grapple with the aftermath of the March 11 earthquake and tsunami.
Hyundai, the world's fifth-biggest carmaker along with affiliate Kia Motors, on Thursday reported a 1.88 trillion won ($1.75 billion) net profit for January-March, up from 1.28 trillion won a year ago.
Hyundai was reporting earnings on a consolidated basis to reflect earnings of its affiliates including financial operations under new accounting rules, and there were no consensus guidelines for the result.
Hyundai outperformed its global peers in the last quarter thanks to popular models such as the Sonata mid-sized sedan and the Elantra compact in the United States, South Korea and other markets, analysts said.
Its production was unscathed by Japan's supply crisis because it is less reliant on Japanese parts than its overseas rivals, the company said.
Shares in Hyundai have raced ahead in the past month, far outperforming major overseas peers. Hyundai Motor shares jumped 23 per cent in the past month versus the wider market's 7.4 per cent gain.
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