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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hyundai Motor says profits dive on weak sales AFP - Friday, April 24 SEOUL (AFP) - - South Korea's largest carmaker Hyundai Motor said Thursday its net profit plunged 43 percent year-on-year in the first quarter due to weak sales amid the global economic downturn. ADVERTISEMENT Net profit was 224.9 billion won (166.7 million dollars) for January-March, the company said. Operating profit fell 71 percent year-on-year to 153.8 billion won as sales dropped 26 percent by value to 6.03 trillion won, it said. "We suffered declines in sales both in domestic and overseas markets in the first quarter," Hyundai Motor said in a statement. Hyundai sold 621,718 units at home and abroad during the first quarter, down 13 percent from the same period last year. The company said in January that its performance last year was better than its rivals despite the tough conditions. For all of 2008 Hyundai posted a net profit of 1.44 trillion won, 14 percent down on 2007. Full-year sales rose 5.1 percent to 32 trillion won. Hyundai officials said production and earnings would slowly gain pace from the second quarter of this year. The firm said its global market share rose to 4.7 percent in the first quarter, 0.7 percentage points higher than a year earlier. "From the second quarter, we expect economic stimulus measures and support plans in some nations for the auto industry to have some positive effect on the sector," Chung Tae-Hwan, Hyundai's chief financial officer, said. For 2009, Hyundai targets a market share of more than five percent in the US, the world's largest car market, compared to an accumulated 4.3 percent as of the first quarter, Chung said. On Wednesday, the South Korean carmaker raised its 2009 China sales target more than 11 percent after tax cuts for small models boosted demand. The weaker won usually helps Hyundai to boost marketing and incentives in the US to lure more customers. The South Korean government plans to offer tax benefits in May-December to customers who replace their old cars with new ones. But a Hyundai executive on Thursday denied being interested in a stake in General Motors if the troubled US auto giant goes bankrupt and is up for sale. "We don't have such a plan even though the US market is very important to Hyundai Motor," T.H. Chung, senior executive vice president of Financial and Accounting Division, told Dow Jones Newswires. Despite the lower profits, Hyundai Motor shares rose 3.2 percent to 68,100 won Thursday on its positive outlook for second quarter earnings after the increase in global market share. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Aeroflot's passenger traffic falls faster in MarchReuters - 41 minutes ago Europe stocks fall after US home sales dataReuters - 44 minutes ago Pirate Bay defence lawyer demands retrialReuters - 45 minutes ago Hershey's profit beats estimates, price hikes helpReuters - 46 minutes ago Facebook users' vote ending way short of thresholdAP - 51 minutes ago Enlarge Photo Hyundai Motor says profits dive on weak sales Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed IMF sees deeper 2009 decline, weak 2010 IMF says world in recession, auto giants flop Robust profits mask problems in bank sector Fertility doctor on brink of cloning human: report Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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