South Korea’s Hyundai Motors on Monday posted its steepest quarterly net profit gain in over seven years, as a weaker local currency helped lift U.S. income, while new models boosted domestic sales.
Operating profit rose 30.2% to 1.24 trillion won while revenue rose 9.1% to 26.97 trillion won, the auto maker said in a stock exchange filing. Helping earnings is a 5.5% drop in the value of the won versus the U.S. dollar this year, the steepest decline among Asian currencies. This has made South Korean exports more price competitive overseas and lifted the value of repatriated profit.
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