Hyundai Motor sees drop in net profit
South Korea’s Hyundai Motor Co. has announced a sharp decline of 19 percent in its net profit in the fourth quarter of 2014 compared to the same period a year earlier.
According to a statement by the automaker on Thursday, the company’s net profit in October-December 2014 declined to 1.66 trillion won (1.53 billion dollars), Reuters reported.
Analysts believe that the decline is mainly caused by a plunge in the Russian currency and increased buying incentives in the United States.
Hyundai, which has gained popularity in global markets over the past years, recently lost its price competitiveness against Japanese rivals due to a weak yen.
“We expect competition to intensify in overseas markets, while makers of imported cars step up sales, boosted by tariff cuts and currency effects in the domestic market,” Hyundai said.
The car manufacturer has set a worldwide sales target of 5.05 million vehicles for 2015 as it expects a difficult year due to foreign rivals’ determination for enhancing their presence in the Korean market.
The company sold 4.96 million vehicles in 2014, while its operating profit for the whole year tumbled 9.2 percent to the lowest since 2010.
“It is believed the sales environment this year will continue to remain unfavorable,” the company said.
HRM/HJL
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