Hyundai Posts Operating Profits Dropping
D-Bo , Jan. 27, 2014, 12:46 p.m.
Hyundai Motor's fourth-quarter profit rose nearly 11 percent last year from 2012, but its operating profit for the whole year fell 1.5 percent to US$7.7 billion despite growing sales.
Korea's largest automaker said that although it enjoyed robust sales overseas, especially in China and the U.S., sluggish domestic demand, the strengthening won and the weakening Japanese yen put pressure on its yearly profit.
Hyundai Motor has set its global sales target for this year at nearly five million cars -- a near 4 percent jump from last year's performance. Hyundai's affiliate Kia Motors also saw its annual profit drop by nearly 10 percent last year.