Profit up in first quarter for South Korea’s Hyundai Motor

Profit rose in the first quarter for South Korea’s Hyundai Motor compared to the same period of the previous year, the company reported on Thursday.

It also reported that income before tax was lower than last year.

In the quarter, net income edged up 0.2% to 3.382 trillion Korean won ($2.36 billion) from last year’s 3.376 trillion won.

Income before tax was 4.465 trillion won, down 5.6% from 4.727 trillion won a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA), a key earnings metric, grew 1.8% year-over-year to 4.923 trillion won.

Revenue grew 9.2% to 44.408 trillion won from the prior year’s 40.659 trillion won.

Automotive revenues increased 9.5% to 34.718 trillion won.

In South Korea, Hyundai Motor shares closed Thursday’s trading at 245.48 won, up 1.9%.