Net Profit Nearly Doubled in the First Half At Hyundai

Dow Jones Newswire reported that Hyundai Motor Co., the South Korea's largest carmaker, said that its first-half net profit nearly doubled to 610.5 billion won ($472.5 million) on the year due to brisk sales of its medium-to-large passenger cars and sport-utility vehicles. Sales rose 31 percent on the year to 11.09 trillion won during the January-June period. Operating profit rose 82 percent on the year to 1.11 trillion won during the period. In the first six months of 2000, Hyundai Motor posted net profit of 310.4 billion won and sales of 8.47 trillion won. The carmaker said the 2001 first-half earnings are its highest ever six-month earnings. Hyundai said sales of passenger car models -- Grandeur XG and EF-Sonata -- as well as sport-utility models -- Santa Fe and Terracan -- largely contributed to its sales increase. The carmaker said its expects sales and ordinary profit to exceed its 2001 target of 20.4 trillion won and 1 trillion won, respectively, and expects to revise its target. During the first half, Hyundai Motor's domestic sales were up 15.6 percent on the year to 5.9 trillion won, while exports were up 54.1 percent on the year to 5.19 trillion won. Exports to North America were up 43.2 percent on year, while those to Europe fell 8.6 percent on year. Exports to other regions rose 24.6 percent on year.