US tariffs cost the company 860 billion won in the quarter, while raw material price hikes fuelled by the Iran war added more than 200 billion won, an expense likely to be repeated this quarter, chief financial officer Lee Seung Jo said. Unfavourable exchange rates also resulted in a 270 billion won hit to the bottom line.
(April 23): Hyundai Motor Co first-quarter earnings missed estimates as South Korea’s largest automaker grappled with US tariffs and cooling demand in key markets, while warning the Iran war is disrupting supply chains.
Operating profit fell almost 31% to 2.5 trillion won (US$1.7 billion) in the three months ended March 31 from a year earlier, the Seoul-based company said Thursday. That fell short of the 2.8 trillion won analyst consensus, according to data compiled by Bloomberg. Revenue rose 3.4% to 45.9 trillion won, a record for the first quarter, though sales volumes dipped in its home market, China and Europe.
