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Hyundai Motor Q1 profit falls YOY

Hyundai Motor Co. said its normalized net income for the first quarter amounted to 5,453.68 South Korean won per share, a gain of 6.7% from 5,110.62 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.127 trillion won, a decline of 18.0% from 1.375 trillion won in the prior-year period.

The normalized profit margin fell to 5.8% from 6.6% in the year-earlier period.

Total revenue increased 6.7% on an annual basis to 22.351 trillion won from 20.943 trillion won, and total operating expenses increased 8.5% from the prior-year period to 21.008 trillion won from 19.355 trillion won.

Reported net income decreased 31.9% year over year to 1.299 trillion won, or 6,284.75 won per share, from 1.909 trillion won, or 7,092.61 won per share.

As of May 30, US$1 was equivalent to 1,190.50 South Korean won.