2013년 1월 27일 일요일

Hyundai Motor posts record-high sales last year

South Korea’s auto giant Hyundai Motor achieved a record high sales performance in 2012. However, the Korean currency won’s appreciation against the dollar and other major currencies has undercut its sales growth momentum in the fourth quarter (Q4) of 2012. 

Hyundai Motor announced Thursday that its global sales recorded 4.41 million units last year, up 8.6 percent from the previous year. The company’s sales grew 8.6 percent to 84 trillion won. Hyundai’s net profit and operating profit (OP) also climbed 5.1 percent and 11.7 percent, respectively, to reach 9.5 trillion won ($8.9 billion) and 8.7 trillion won, each. 

Hyundai’s domestic sales posted 667,496 units, down 2.2 percent, affected by sluggish consumer sentiment and prolonged labor-management disputes. Meanwhile, the automaker sold 3.7 million units overseas, up 8.3 percent. 

The total sales sustained an upward trend as a result of an improvement in sales volume and sales structures. However, its OP to sales ratio slid 0.3 percentage points on-year to reach 10 percent. Hyundai saw its ordinary profit and net profit up as equity method income went up. A steep rise in the won value caused OP to decline in Q4, ending up with lower ratio of OP to sales. 

In Q4 last year, Hyundai recorded 22.7 trillion won in sales and 1.83 trillion won (8.1 percent of OP to sales ratio) in OP. 

Compared to the same period a year ago, sales grew 10.7 percent but OP retreated 11.7 percent. The ratio of OP to sales was down two percentage points on-year. Hyundai Motor sold 1.22 million units in Q4. 

“Following the previous year, 2012 sustained the upward momentum,” explained Hyundai Motor. “But our 2012 H2 sales performance slowed down compared to H1 performance, affected by conditions at home and abroad including fluctuating foreign exchange rates. So the growth momentum has weakened when compared to 2011.”