Hyundai Motor Q1 net down 42.7 pct on weak sales

SEOUL, April 23 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said
Thursday that its first-quarter profit declined 43 percent amid crippled sales
due to the global recession and increased marketing costs.
Net profit reached 225 billion won (US$167 million) in the January-March period,
compared with a profit of 393 billion won a year earlier, the company said in a
regulatory filing.
Sales fell 26 percent on-year to 6.03 trillion won, and operating income tumbled
71 percent to 154 billion won, it said.
Hyundai Motor's drop in earnings was in line with market forecasts.
"Hyundai's declined earnings were expected," said Song Sang-hoon, an analyst at
Kyobo Securities. "But compared with other rivals, Hyundai Motor's bottom line is
good."
Analysts say the weakness of the local currency and government measures to boost
domestic car sales will benefit Hyundai Motor down the road.
sam@yna.co.kr
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