SOUTH Korea’s Hyundai Motor yesterday posted a 37 per cent rise in quarterly net profit after it logged record global vehicle sales and gained market share from Japanese rivals reeling from the 11 March earthquake.
Meanwhile French car maker Renault said the impact from Japanese disruption, which depressed profit by a fifth in the first half, would ease over the rest of the year.
Hyundai, the world’s fifth-biggest car maker along with affiliate Kia Motors, yesterday reported a 2.3 trillion won (£1.3bn) net profit for the April to June quarter, compared with analysts’ forecast of 2.1 trillion won.
Park Jung-Won, fund manager at Yurie Asset Management said: “Despite Japanese rivals recovering, Hyundai has new factories ramping up production. Its quality has improved and foreign sales are good.”
Renault said first-half automotive operating profit took a €150m (£131m) hit, mainly as a result of lost sales. It added the hit would be €50m in the second half.
However Renault confirmed it expected the world car market to grow by between three and four per cent in 2011, led by emerging markets and said it expected its year-on-year vehicle sales and revenue to grow.
Shares yesterday rose 4.5 per cent to 37.42 on the Paris Stock Exchange.
City A.M. Reporter