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Hyundai Motor Q1 profit surges on favourable currency rate -Breaking


© Reuters. FILEPHOTO: This is the logo of Hyundai Motor Company, taken at New York International Auto Show. It was taken in Manhattan (New York City), U.S.A. on April 13, 2022. REUTERS/Andrew Kelly

SEOUL (Reuters), – Hyundai Motor Co. posted a 19% jump in the first quarter profit on Monday. The favorable exchange rates compensated for a spike in raw materials costs. It also offset a fall in sales due to the global chip shortage.

The January-March period saw a net profit of 1.6 trillion won (1.28 billion).

This compares to 1.3 trillion won last year and Refinitiv SmartEstimate profit of 1.4 trillion drawn from 15 analysts.

($1 = 1,249.1500 won)