Hyundai Motor fourth-quarter profit jumps 57% on demand for SUVs, Genesis

FILE PHOTO: A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang, South Korea, March 28, 2019. REUTERS/Kim Hong-Ji/File Photo

South Korea’s Hyundai Motor Co reported on Tuesday a 57% jump in fourth-quarter profit, slightly below analyst estimates, backed by demand for high-margin sports-utility vehicles and its premium Genesis cars.

Hyundai, which together with affiliate Kia Corp is among the world’s top 10 automakers, reported a net profit of 1.3 trillion won ($1.18 billion) for October-December, versus 804 billion won a year earlier.

That compared with the 1.5 trillion won average of 16 analyst estimates compiled by Refinitiv.

Revenue rose 5% to 29.2 trillion won, Hyundai said in a regulatory filing.

The South Korean automaker’s stock has risen over a third this month, helped by news it was discussing an electric car and battery tie-up with Apple Inc.

Was it worth reading? Let us know.