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[EQUITIES] Hyundai Glovis to post solid earnings in Q3: Shinhan Investment

[THE INVESTOR] Shinhan Investment on Oct. 7 expects Hyundai Glovis, Hyundai Motor Group’s logistics arm, will post solid operating profit in the third quarter despite weakened sales of its auto affiliates.

In the July-Sept. period, the brokerage predicted Hyundai Glovis’ operating profit will rise 9.4 percent on-year to 195.2 billion won (US$175.07 million). Revenue is expected to stand at 3.92 trillion won, up 1.6 percent, to stay on target with market estimates.

“Hyundai and Kia’s car exports declined 20.5 percent on-year to 397,000 units in the third quarter due to the labor strike,” said Park Kwang-rae from Shinhan Investment. “But the earnings should be relatively unaffected as car shipment sales accounts for only 8-9 percent.”

The brokerage said Hyundai Glovis’ car shipment sales would decrease 19.7 percent on-year to 297.6 billion won in the cited period.

By Ahn Sung-mi (sahn@heraldcorp.com)
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