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Hyundai Motor to report Q1 earnings on May 04

Written by: Staff
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Seoul, May 3: Hyundai Motor Co., mired in a domestic probe into a cash-for-favours scandal, will report its quarterly earnings on Thursday, the company said.

Hyundai, South Korea's top auto maker, made the announcement on Wednesday in a filing to the Korea Exchange.

Last week, the company delayed reporting its first-quarter earnings before its chairman, Chung Mong-koo, was arrested on charges that he misused company funds.

Hyundai is expected to post a 7 percent drop in quarterly profit as a firm won dented the value of overseas sales, but the company's outlook is slightly better on increasing sales of premium models such as its Sonata sedan.

Its affiliate, Kia Motors Corp., reported on Friday that it had more than doubled quarterly operating profits on higher sales, but fell short of forecasts due to a stronger won.

Shares in Hyundai closed 1.23 percent lower to 80,300 won on Wednesday, underperforming the broader market's 0.02 percent gain.

Reuters

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