Aug. 14, 2002 - Reporting its earnings and profit figures for the first half of 2002 Hyundai Motor Company reported that compared to the same period last year it had increased 46.3 percent of net income on sales.
Total vehicle sales were up only by 0.1 percent due to the production delay from labor strikes in June.
In the first half of 2002 Hyundai Motor recorded sales worth US $10. 2 billion compared to US $9.2 billion in the same period last year – a 11 percent increase. Of that figure US $5.7 billion came from domestic sales and US $4.5 billion from export sales.
Increased pre-tax profit and net income
The gross profit figure for the first half was US $2.51 billion compared to US $ 2.30 billion last year and the net income figure for 2002 reached US $745 million compared to US $509 million last year – an increase of 46.3 percent.
Despite the loss in sales revenue in the second quarter due to 20 day strike by labor union, Hyundai Motor Company came up with modest increase in net income. This was mainly due to brisk sales of high margin cars such as Grandeur XG, Santa Fe and Sonata.
Hyundai Motor Company has also set aside US $187 million in possible future costs to meet the new European regulations (ELV), which takes effect in 2007.
The report also showed that the assets were up this year to US $17.36 billion compared to US $16.3 billion last year. With liabilities of close to US $9 billion and equity of 8.3 billion the company’s liability to equity stands at 106.6 percent significantly dropped from the same period of last year – 129.6 percent.
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