Hyundai 3Q profit jumps 38% to $1.2 bn

Hyundai 3Q profit jumps 38% to $1.2 bn

Seoul: Hyundai Motor’s net profit rose 38% in the third quarter as sales increased, driven by growth in emerging markets such as China and India.

Hyundai Motor Co. earned 1.35 trillion won ($1.2 billion) in the three months ended 30 September, it said in a regulatory filing Thursday. The company earned 979.1 billion won in the same period last year.

South Korea’s largest automaker said sales during the quarter rose 9% to 8.85 trillion won from 8.1 trillion won a year earlier.

The net profit fell just short of Hyundai’s record high of 1.39 trillion won in the second quarter. That result had beaten the previous record hit in the first three months of the year.

The automaker has enjoyed a strong 2010 on solid performance in emerging markets, particularly China and India where it produces vehicles.

Hyundai Motor, which with affiliate Kia Motors Corp. forms the world’s fifth-largest automotive group, has expanded aggressively overseas and has factories in China, India, Turkey, the United States, the Czech Republic and Russia.

The automaker opened the Russian plant last month in St. Petersburg at a ceremony attended by Prime Minister Vladimir Putin.