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Hyundai net profit falls 22 percent
(MENAFN) Hyundai Motor said that it has registered a decline by 22 percent in its net profit during the October-December period of 2014 due to the strong won affecting its price competitiveness against Japanese rivals, Arab News reported.
During last year's fourth quarter, South Korea's largest automaker posted a net profit of USD1.51 billion, while its operating profit declined by 7.6 percent compared with the same period in 2013 to reach USD1.73 billion, though its sales increased 7.5 percent.
The company, which along with its smaller affiliate Kia is the world's fifth-largest automaker, has for the past decade been expanding its presence in the global market including the US, and creating competition for Japanese giants like Toyota and Honda.
Hyundai said that though it believes that the sales environment this year will continue to remain unfavorable due to the strong won and weak Japanese yen, it has set a sales target of 5.05 million vehicles worldwide for 2015.
During last year's fourth quarter, South Korea's largest automaker posted a net profit of USD1.51 billion, while its operating profit declined by 7.6 percent compared with the same period in 2013 to reach USD1.73 billion, though its sales increased 7.5 percent.
The company, which along with its smaller affiliate Kia is the world's fifth-largest automaker, has for the past decade been expanding its presence in the global market including the US, and creating competition for Japanese giants like Toyota and Honda.
Hyundai said that though it believes that the sales environment this year will continue to remain unfavorable due to the strong won and weak Japanese yen, it has set a sales target of 5.05 million vehicles worldwide for 2015.
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