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Hyundai Motor gained 21% less in January-March as sales fall in China

Automotive News

South Korea’s biggest carmaker, Hyundai Motor, gained 1.4 trillion won from January to March, a 21% year-on-year decrease due to the drop in sales, China.

“Sharp sales declines in China, and in some Asian and Middle Eastern markets had a negative impact on quarterly results,” the company said in a statement.

The invoicing company based in Seoul actually grew compared to the January-March quarter of the previous year thanks to growth in markets such as Russia or Brazil.

Total sales revenue rose 4.5% year-on-year to 1.34 trillion won (US $ 1,192 million), but its sales by number of units fell 3.1% to 1.07 million, mainly due to the decline in China (14.4% year-on-year less in the number of cars sold).

The operating profit of the company fell in the first quarter of the year by 6.8% compared to the same three months of 2016 to 1.25 trillion won (1.112 billion US dollars).

Its gross operating profit (EBITDA) fell 18.8% year-on-year to 2.16 trillion won ($ 1.92 billion).

EFE – 04/26/2017 – 10:19 (Translation Soft)

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