Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Hyundai profit drops again
Published in Amwal Al Ghad on 26 - 01 - 2016

Hyundai Motor Co. reported Tuesday another quarterly earnings decline, hit by slowing demand in China and emerging markets, and by fierce competition in the U.S. that pushed up marketing costs.
Hyundai, the world's fifth-biggest auto maker by sales when combined with affiliate Kia Motors Corp., is seeking ways to turn around its business in China--its biggest market--after sales there fell last year for the first time since 2007.
In the U.S., the Korean company shipped a record volume of automobiles in the fourth quarter, but the cost of incentives rose sharply from a year earlier as Hyundai spent more to lure customers.
Hyundai said October-December net profit was 1.53 trillion won ($1.3 billion), down 7.7% from 1.66 trillion won a year earlier. The result was worse than market expectations for net profit of 1.60 trillion won.
The eighth straight quarterly profit decline comes as sedans like the midsize Sonata--which the company has aggressively marketed for years--fall out of favor with consumers who prefer larger sport-utility vehicles and light trucks that have become cheaper to drive as fuel prices fall.
Hyundai plans to bring in more South Korean-made SUVs, such as the Tucson crossover, to the U.S. and increase the production of such vehicles in China.
Hyundai has made some progress recently in catching up with consumer tastes. Sales in China began to show some signs of turning the corner in December with the launch of the revamped Tucson, while government tax cuts buoyed sales of smaller cars. The Tucson, Hyundai's flagship midsize SUV, and its larger cousin, the Santa Fe, also underpinned better sales in the U.S.
Hyundai's fourth-quarter operating profit fell 19% to 1.52 trillion won from 1.88 trillion won. Revenue rose 5% to 24.76 trillion won from 23.57 trillion won.
Analysts expect the company's profit to improve this year, helped by favorable foreign-exchange rates as the won weakens and by increased sales.
Source: MarketWatch


Clic here to read the story from its source.