Hyundai Motor’s Q4 net jumps 78 pct on high-end models

Hyundai Motor Co. said Tuesday its fourth-quarter net profit jumped 78 percent from a year earlier as robust domestic sales offset weak overseas sales amid the coronavirus pandemic.

Net profit for the three months ended in December jumped to 1.37 trillion won (US$1.24 billion) from 772 billion won in the year-ago period, Hyundai said in a statement.

“Increased sales of high-end models, such as the GV80 SUV and the G80 sedan, propped up the quarterly net result,” the statement said.

Operating profit rose 41 percent to 1.64 trillion won in the fourth quarter from 1.16 trillion won a year ago. Sales were up 5.1 percent to 29.24 trillion won from 27.82 trillion won during the same period.

For the whole of 2020, net income fell 34 percent to 2.11 trillion won from 3.18 trillion won as the COVID-19 pandemic weighed on global vehicle sales.

Full-year operating profit declined 23 percent to 2.78 trillion won last year from 3.6 trillion won the previous year. Sales were down 1.7 percent to 103.99 trillion won from 105.74 trillion won during the cited period.