Hyundai reports quarterly net income of $1.75 billion

(April 28, 2011) While the Japanese companies struggle to recover from the devastating earthquake, Hyundai Motor Co., based in South Korea, is moving ahead at warp speed.

It raised quarterly profit 46 percent as sales climbed in China, Europe and the U.S.

Net income was 1.88 trillion won ($1.75 billion) in the three months ended March 31, compared with a revised 1.28 trillion won a year earlier, the company said today. First-quarter sales gained 21 percent to 18.23 trillion won on a consolidated basis.

Hyundai Motor lifted global sales by about 9 percent last quarter from a year earlier after adding new models including the Grandeur premium sedan at home and Accent small car in China since late 2010.

The carmaker may continue to gain sales this year as Toyota, Honda and other Japanese rivals curtail production following the March earthquake.

Operating profit, or sales minus the costs of goods sold and administrative expenses, rose 46 percent from a year earlier to 1.83 trillion won.

Source: Bloomberg, media reports