(LEAD) Hyundai Motor 2009 profit more than doubles to 2.96 tln won

(ATTN: UPDATES with analyst forecast, quote, details)
SEOUL, Jan. 28 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said
Thursday its 2009 net profit more than doubled from the previous year on strong
sales and favorable exchange rates.

Hyundai 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.
Hyundai said its operating profit last year rose 19.1 percent from a year earlier
to 2.23 trillion won.
Revenue fell 1 percent from a year ago to 31.8 trillion won last year, according
to the filing.
An official at Hyundai said the 2009 net profit was an all-time annual high.
"Despite difficulties facing the global auto industry, Hyundai Motor expanded its
global market share last year," the official said.
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
struggled with a strong yen.
(END)

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