Hyundai Motor Q1 profit surges on favourable currency rate

SEOUL : Hyundai Motor Co on Monday posted a 19 per cent rise in first-quarter profit as favourable exchange rates offset a jump in raw material costs and a drop in sales caused by the prolonged global chip shortage.

Net profit climbed to 1.6 trillion won ($1.28 billion) for the January-March period.

That compares with 1.3 trillion won a year earlier and a Refinitiv SmartEstimate of 1.4 trillion won profit drawn from 15 analysts.

($1 = 1,249.1500 won)