Hyundai Motor Co.’s quarterly sales increased 21.4 percent from a year ago, while that of its affiliate Hyundai Steel rose to record levels.
In a regulatory filing, Hyundai Motor revealed that its first quarter sales increased 21.4 percent compared to the same period last year to come in at 18.23 trillion won, while operating profits soared 45.6 percent over the same period to come in at more than 1.8 trillion won.
Over the same period, Hyundai Motor’s net profits increased 46.5 percent to about 1.88 trillion won.
The carmaker’s sales in terms of vehicles increased 9.2 percent compared to the same period last year to come in at over 919,000 units, with rising overseas sales making up for domestic market slip.
Hyundai Motor’s overseas sales for the first three months of the year increased 11.6 percent to 752,000 units, while domestic sales fell 0.6 percent to about 167,000 units.
The carmaker’s affiliate steelmaker Hyundai Steel also posted first quarter sales Thursday.
The company, which currently operates two 4-million metric ton blast furnaces at the plant in Dangjin, said that sales for the period came in at a record high of 3.55 trillion won, while operating and net profits came in respectively at 309.3 billion won and 258.3 billion won.
Compared to the same period last year, Hyundai Steel’s sales increased by 75.8 percent, while operating profits saw a rise of 137 percent. The company’s net profits had increased by 9.6 percent.
The steelmaker attributed the rise in sales to stabilization of the second blast furnace’s operations allowing increased output.
The company also said that the addition of the second furnace allowed it to achieve economy of scale and that cost cutting efforts for its electric arc furnace operations have resulted in savings of 118.5 billion won during the first three months of the year.
By Choi He-suk (email@example.com