Hyundai profits rise 27 percent in third quarter

Hyundai Motor company saw its third-quarter net profits rise 27 percent from last year. Hyundai
managed this increase in profit despite a 12-day worker strike and a partial plant shutdown for  a car model shift
during the quarter. Hyundai’s net profit results beat analyst expectations, while their overall sales squeeked under
predictions. For the quarter, total sales fell 6 percet to $5.9 billion from 6.3 billion a year earlier, but net profit
rose from $403 million in the same period last year to $512 million. Overseas sales of higher margin vehicles like the
Sonata, the Santa Fe, and the Tuscon helped pump up the bottom line despite the decrease in overall sales. Hyundai is
setting its sites on becoming the sixth-largest automaker in the world by 2009 along with its domestic affliate Kia
Motor Corp.

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