Investing.com -- Hyundai Motor (OTC: HYMTF ), South Korea’s largest carmaker, on Thursday reported a steady profit despite challenges from slow electric-vehicle demand and tariffs introduced by President Trump that could potentially hinder growth.
The company announced a slight drop in vehicle sales for the first quarter, attributing this to ongoing global trade tensions. Hyundai anticipates these tough business conditions to continue.
For the quarter ending in March, Hyundai reported a net profit of 3.382 trillion won, equivalent to $2.37 billion. This marks a slight increase of 0.2% from the same period a year earlier and a substantial rise of 37% from the previous quarter.
This result surpassed the consensus forecast compiled by FactSet, which predicted a net profit of 3.360 trillion won.
Revenue for the company also saw an increase, climbing 9.2% from a year ago to 44.408 trillion won. Additionally, Hyundai’s operating profit rose by 2.2% to 3.634 trillion won.
However, the company reported a slight decrease in global wholesale car sales for the quarter, falling by 0.6%. Despite these challenges, Hyundai Motor continues to maintain its profitability.
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