Forex

Hyundai’s Financial Report Shows Corona Impact, Profits Fell 75%

Hyundai’s Financial Report Shows Corona Impact, Profits Fell 75%

Hyundai Motor Co. reported a 75% slump in profits for the second quarter of the current financial year on Thursday. Although in South Korea, Hyundai’s home region, the sales rose 13% (delivered around 200,000 vehicles) as compared to the last year but overall the global retail sales fell by more than 33%.

The auto giant company, Hyundai, said that it is the sharpest fall in the last seven quarters due to weak international demand for high-end models because of the corona pandemic.

Nations like the USA, Europe, India, & Canada all suffered double-digit per cent drop in sales. Further, the domestic sales in South Korea are not enough to cover the offsets of other countries, especially of the US, which is worst affected by the coronavirus.

The net profit for the second quarter, i.e. April-June, was 148.84 million pounds as compared to the 602.5 million pounds last year for the same period. The revenues of the company also fell by nearly 19% to 21.9 trillion won (South Korean currency). 

Notably, the share price of Hyundai Motors rose by more than 3.3% while the South Korean market index fell by around 0.6%, on Thursday.

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