Hyundai Post 104.5% Jump in Profit

Riding on back of brisk sales in India and China, Korean car major Hyundai Motor Company on Thursday said its net profit for the year 2009 zoomed by 104.5 per cent at 29.615 trillion won (about Rs 1,18,950.16 crore) from the previous year.

The company, however, said its sales revenues fell 1.0 per cent to 31.859 trillion won (Rs 1,27,970.22 crore) during last year. The increase in net profit was helped by brisk sales in China and India, which on a unit sales basis posted year-on- year gai ns of 93.6 per cent and 14.4 per cent, respectively, it added.

Hyundai's overall sales in 2009 grew 11.7 per cent to 31,06,178 units (domestic plants: 16,11,991 units, overseas 14,94,187 units). The company's wholly-owned Indian subsidiary Hyundai Motor India Ltd had reported total sales of 5,59,880 units against 4 ,89,343 units in 2008. Its Indian sales stood at 2,89,863 units in 2009 as against 2,45,397 in the year 2008.

Exports from India accounted for 2,70,017 units against 2,43,946 units in 2008, up 10.7 per cent for the entire year. In China, the company registered an impressive 94 per cent growth in sales by selling 5,70,300 units and became the 4th largest company in the country, Hyundai said.

PTI