Hyundai, South Korea’s biggest carmaker, has reported record profits for the final three months 2010, due in part to strong overseas sales.
Net profits came in at 1.4tn won ($1.3bn; £789m), up by 48% on a year earlier and roughly in line with analysts’ expectations while revenue rose by 3.1% to 9.94tn won.
Hyundai’s sales benefited from recovery in the US car market, while it has continued to fare well in China and other emerging markets.
Analysts said they expected the carmaker – the fifth-biggest in the world – to continue to perform well in 2011.
“The market overall sees Hyundai Motor continuing to do well this year on the back of strong sales and confidence from the past few years’ results,” said Kim Young-Min at IBK Asset Management.
“I don’t think the strong won will affect Hyundai Motor much, because it obviously didn’t have a great impact on its earnings last year either.”
Hyundai has yet to embrace greener technologies and has not invested heavily in hybrid and electric vehicles.
However, analysts said the company would not necessarily suffer because of this.
“Hyundai is still more focused on gasoline cars, but gasoline cars will dominate the auto industry for some time. It still has time to develop its own line of eco-friendly vehicles,” said Shim Hong-Seop at Kyobo Axa Asset Management.
Source: BBC News