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Hyundai Sees First Half Earnings Soar

Hyundai Motor Company Sees First Half Earnings Soar

Reporting its earnings and profit figures for the first half of 2001 Hyundai Motor Company reported that compared to the same period last year it had almost doubled its net income on sales by more than 30 per cent.

Vehicle sales were up by 11.3 per cent with both domestic and export sales up during the first half –by 3.6 per cent and 18.6 per cent respectively.

In the first half of 2001 Hyundai Motor recorded sales worth US $ 8.2 billion compared to US $ 627.5 billion in the same period last year – a 31 per cent increase. Of that figure US $ 4.3 billion came from domestic sales and US $ 3.8 billion from export sales.

Increased pre-tax profit and net income The gross profit figure for the first half was US $ 2,05 billion compared to US $ 1,35 billion last year and the net income figure for 2001 reached US $ 452 million compared to US $ 230 million last year – an increase of 96.5 per cent.

The first half net income figure came close to eclipsing the net income figure for the whole of 2000, which stood at US $ 495 million.

The report also showed that assets were up this year to US $ 14,49 billion compared to US $ 12,33 billion last year. With liabilities of just over US $ 8 billion and equity of US $ 6.3 billion the company’s liability to equity ratio stands at 129.6 per cent – still below the 135.7 per cent figure for the whole of last year.

Ends

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