Hyundai Motor Q1 net up 31% on overseas gains

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South Korea's Hyundai Motor increased its quarterly net profit by 31%, beating forecasts, as strong sales of its Sonata and Elantra models in the United States and its i30 compact in Europe more than offset weak sales at home.

The world's fifth-biggest automaker with affiliate Kia Motors posted a 2.45 trillion won net profit for January-March.

 

 

That is up from 1.88 trillion won in net profit a year ago and 2.0 trillion won in the preceding quarter.

Shares of Hyundai Motor have risen about 13% this month, while most of its global rivals have fallen. The stock hit a life high of 269,500 won on April 9. The benchmark stock index has slipped 2.3%.