Hyundai Motor Q1 profit surges on favourable currency rate

2022.04.25 08:22

FILE PHOTO: The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly

SEOUL (Reuters) – Hyundai Motor Co on Monday posted a 19% rise in first-quarter profit as favourable exchange rates offset a jump in raw material costs and a drop in sales caused by the prolonged global chip shortage.

Net profit climbed to 1.6 trillion won ($1.28 billion) for the January-March period.

That compares with 1.3 trillion won a year earlier and a Refinitiv SmartEstimate of 1.4 trillion won profit drawn from 15 analysts.

($1 = 1,249.1500 won)

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