(CTN News) – Hyundai Motor Co reported a 31% increase in its fourth-quarter profit, which fell short of analyst expectations due to unfavorable exchange ratesone-time costs associated with the sale of the company’s Russia plant in December, in a press release released on Thursday.
According to Hyundai Motor, which ranked third by sales with its affiliate Kia Corp, the company reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period compared with a profit of 1.7 trillion won for the same period last year.
In comparison with LSEG’s Forecast, which it bases on the estimates made by analysts who are more consistently accurate than most people, LSEG Smart Estimate predicts the economy will grow by 9.4 trillion won on average, compared with LSEG’s Forecast.
In December, Hyundai Motor Company announced that it would take a loss of 287 billion won ($219.2 million) from the sale of its Russian plant where operations have been suspended since March 2022, and therefore the sale would result in the company suffering a loss of 287 billion won ($219.2 million).
As a result of Hyundai Motor’s earnings announcement, its shares rose 2.4% on Friday, outpacing a flat performance in the benchmark KOSPI index of Korean stocks by a wide margin.
Hyundaidiversified corporation in South Korea. The international company supplies a product line that ranges from ships to stereo equipment. Headquarters are in Seoul.