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Hyundai Motor Q1 net jumps 30 pct on SUVs, weaker won

Autos 14:07 April 24, 2019

SEOUL, April 24 (Yonhap) -- Hyundai Motor Co.'s first-quarter net profit jumped 30 percent from a year earlier helped by increased sales of new sport utility vehicles and a weaker won, the company said Wednesday.

Net profit for the three months that ended in March rose to 954 billion won (US$830 million) from 732 billion won a year earlier, Hyundai said in a statement.

Robust sales of the flagship Palisade SUV in the domestic market and the won's weakness against the U.S. dollar gave a boost to the bottom line, Hyundai Motor said.

Hyundai launched the all-wheel drive, three-row Palisade domestically in December, with a plan to introduce it in the United States in the summer of 2019.

The won weakened to an average of 1,125.08 against the dollar in the first quarter from 1,072.29 a year ago. A weaker won drives up the value of dollar-denominated earnings when carmakers convert them into the local currency.

The company's operating income climbed 21 percent to 825 billion won in the first three months from 681.3 billion won a year earlier. Sales were up 6.9 percent to 23.99 trillion won from 22.44 trillion won during the same period.


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