SEOUL, Jan. 27 (Xinhua/GNA) — Hyundai Motor, South Korea’s No.1 automaker, said Thursday that its operating profit hit a fresh record last year helped by brisk overseas sales.
Consolidated operating profit, including earnings from overseas affiliates, reached a new high of 8.07 trillion won (7.2 billion U.S. dollars) in 2011, up 36.4 percent from a year earlier, according to a regulatory filing.
Sales expanded 16.1 percent on-year to 77.8 trillion won last year, with net profit surging 35.1 percent to 8.1 trillion won over the cited period.
For the fourth quarter of last year, operating profit soared 71. 9 percent on-year to 2.13 trillion won, while sales and net profit jumped 10.7 percent and 38 percent each on-year to 20.52 trillion won and 2 trillion won.
Last year’s record earnings were mainly attributable to brisk sales. Hyundai’s global retail sales increased 12.4 percent on- year to reach 4,059,438 units in 2011, while its global production grew 12.7 percent on-year to 4.07 million units, exceeding the company’s original target of 3.9 million units.
Hyundai set its target of this year’s global sales at 4.29 million units, up 5.7 percent from a year earlier. Target for production in domestic plants was set at 1.945 million units, with that for output in overseas plants being set at 2.345 million units. “Hyundai Motor entered into a structurally virtuous cycle due to qualitative growth.
Enhanced product competitiveness led to a gain in value for our secondhand cars. That gave us larger room for raising product prices, resulting in growing sales and higher brand value that led to higher value of our used cars,”Lee Won-hee, vice president of Hyundai Motor, said at a conference call.