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Hyundai Motor Co. of Korea (005380.KS) reported a 24% jump in net profit in the January-March quarter, better than expected, and improved domestic and U.S. business conditions offset weak sales in China.
At a time when profits were growing from an eight-year low over the same period last year, Hyundai recently hinted at a willingness to suspend production at old factories in China, as the company is currently dealing with a large-scale overcapacity problem in China. China is the largest market for modern automobiles.
Hyundai Motor reported a net profit of 829 billion won ($721.81 million) in the first quarter, up from 668 billion won in the same period last year. According to I/B/E/S data, the previous 15 analysts estimated an average of 758 billion won.
Operating profit increased 21% to 825 billion won and revenue increased 7% to 23.99 trillion won.
Sales in China fell 19% in the first quarter to the lowest level since the global economic downturn in 2009, and Hyundai's lack of attractive models and strong brands has hampered its sales at a time when competition between local and global competitors has intensified.
China is the world's largest auto market, but in 2018, it experienced its first contraction in nearly 30 years. The overall auto sales slowed down in the first quarter of this year, which further depressed Hyundai's sales in China.


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