Hyundai Motor’s fourth-quarter net profit tripled but missed expectations

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

SEOUL (Reuters) – South Korean auto company Hyundai on Thursday reported a threefold increase in fourth-quarter profit due to strong demand for its high-margin sport utility vehicles and a weak won.

Hyundai Motor reported a net profit of 1.7 trillion won ($1.4 billion) for the October-December period compared with a profit of 547 billion won a year earlier, when the automaker Pre-book some expenses incurred.

That compares with Refinitiv SmartEstimate for fourth-quarter profit of 2.5 trillion won drawn from 18 analysts.

Like many other automakers, Hyundai benefited from a tight supply of new vehicles last year that kept retail prices high.

However, high inflation and slowing global economic growth have dampened the outlook for consumer demand this year, prompting some automakers to slash vehicle prices.

Shares of Hyundai Motor rose on Thursday to 4.4% in afternoon trading. That compares to a 1.2% gain in the .

($1 = 1,230,8600 won)


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