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(LEAD) Hyundai swings to profit in Q3 on base effect

All News 14:48 October 26, 2021

(ATTN: RECASTS throughout with details; ADDS photo)

SEOUL, Oct. 26 (Yonhap) -- South Korea's Hyundai Motor Co. on Tuesday turned around in the third quarter from a year earlier due to a lack of one-off costs, with chip shortages remaining as a major woe for carmakers.

Hyundai Motor swung to a net profit of 1.487 trillion won (US$1.27 billion) for the three months ended on Sept. 30 from a net loss of 188.8 billion won in the year-ago period, the company said in a statement.

"Last year, the company put aside more than 2 trillion won in provisions for after-sales product quality maintenance and other services. Some of the provisions were factored in the third-quarter bottom line. But this year there were no such one-off expenses," a company spokesman said.

The company also shifted to an operating profit of 1.607 trillion won in the third quarter from an operating loss of 313.82 billion won a year ago.

An improved product mix helped prop up the quarterly results as demand for high-end Genesis brand models and Hyundai's electrified models improved despite the extended COVID-19 pandemic, the statement said.

Sales rose 4.7 percent to 28.867 trillion won from 27.576 trillion won during the same period.

From January to September, net profit jumped to 4.992 trillion won from 741.15 billion won a year earlier.

This file photo provided by Hyundai Motor Group shows Hyundai Motor Co.'s and Kia Corp.'s headquarter buildings in Yangjae, southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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