WRAPUP 1-Hyundai humbles Japanese rivals with record Q3

jueves 22 de octubre de 2009 08:30 CEST
 

* Hyundai Q3 net 979 bln won vs consensus 616 bln won

* Hyundai Q3 op profit 587 bln won vs consensus 561 bln won

* Honda seen only Japan automaker in H1 profit-report

* Hyundai shares down 1 pct after 50 pct gain in Q3

By Cheon Jong-woo

SEOUL, Oct 22 (Reuters) - Hyundai Motor Co (005380.KS: Cotización) beat forecasts with a record quarterly profit as government incentives fuelled strong sales of its cheap, fuel-efficient models, setting the bar impossibly high for its struggling Japanese rivals.

Hyundai's strong results, its second record quarter profit in a row and more than triple the year ago figure, come as the global industry struggles to emerge from its worst ever downturn.

Honda Motor Co (7267.T: Cotización) is the only major Japanese car maker expected to post an operating profit in the fiscal first half, the Nikkei business daily reported on Thursday. [ID:nT234387]

But Hyundai has taken advantage of the turmoil, ramping up its marketing spend to gain market share and overtaking Ford Motor Co (F.N: Cotización) to become the world's fourth-largest automaker by sales in the first half of this year when combined with affiliate Kia Motor Corp (000270.KS: Cotización).   Continuación...