(2nd LD) Hyundai Motor posts record 2009 profit, outlook bright

(ATTN: UPDATES throughout with quotes, details; CHANGES headline; TRIMS)
SEOUL, Jan. 28 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said
Thursday it posted record profits last year on the back of favorable exchange
rates, and robust gains in its market share in the United States and China.

The near-term outlook for Hyundai is bright with the Korean currency unlikely to
significantly strengthen anytime soon and with Japanese rival Toyota Motor Corp.
coming under pressure over massive recalls in the U.S., analysts say.
While the global auto industry is still struggling to emerge from its worst slump
in decades, Hyundai has maintained momentum because of growing sales in the U.S.,
and a strong presence in China and India.
Lee Won-hee, chief financial officer at Hyundai, said the company expects to
continue expanding its market share in the U.S.
"In the U.S. market, we expect to increase our share to 4.6 percent this year
from 4.2 percent last year," Lee told investors during a conference call.
He added that Hyundai's global market share rose to 5.2 percent last year from
4.2 percent in 2008.
The South Korean maker of the popular Sonata sedan and Elantra compact car earned
2.96 trillion won (US$2.57 billion) in 2009, compared with a net profit of 1.44
trillion won in 2008, the company said in a regulatory filing.
The result exceeded analysts' forecasts. The median estimate by analysts surveyed
by Yonhap Infomax, the financial news arm of Yonhap News Agency, was a net profit
of 2.85 trillion won.
Full-year operating profit rose 19.1 percent last year from a year earlier to
2.23 trillion won. Revenue fell 1 percent from a year ago to 31.8 trillion won,
according to the filing.
Last year, Hyundai sold a record 3.1 million vehicles, up 11.7 percent from 2008.
A softer won helped Hyundai spend more on marketing, while its Japanese rivals
suffered from a strong yen.
(END)

Delete & Prev | Delete & Next