Hyundai boosts profit by 13%

South Korean vehicle maker Hyundai Motor posted higher-than-expected profits yesterday, exceeding the expectations of analysts, despite the global economic downturn. Hyundai sold nearly 3.2 million vehicles in the first three quarters. South Korea’s largest car manufacturer posted third-quarter net income of 2.17 trillion won (R17.2 billion), up 13 percent from a year earlier. The company said it expected full-year sales to be higher than forecast at about 4.38 million units. Last year, it sold nearly 4.06 million vehicles, crossing the 4 million mark for the first time. – Sapa-dpa