© Reuters. FILE PHOTO: The brand of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Andrew Kelly
SEOUL (Reuters) -South Korea’s Hyundai Motor Co on Thursday reported a tripling in fourth-quarter revenue on sturdy demand for its high-margin sport-utility automobiles and a weak received.
Hyundai Motor reported a web revenue of 1.7 trillion received ($1.4 billion) for the October-December interval versus a revenue of 547 billion received a 12 months earlier, when the automaker booked some one-off prices.
That in contrast with a Refinitiv SmartEstimate for fourth-quarter revenue at 2.5 trillion received drawn from 18 analysts.
Like many different automakers, Hyundai benefited from the tight provide of recent automobiles final 12 months which have saved retail costs excessive.
However excessive inflation and slowing international financial development have dampened outlook for shopper demand this 12 months, prompting a number of automobile makers to slash car costs.
Shares in Hyundai Motor rose on Thursday to be up 4.4% in afternoon commerce. That compares with a 1.2% enhance within the benchmark .
($1 = 1,230.8600 received)
