Hyundai Motor Corrects Last Year's Earnings Reflecting Kona Recall... Operating Profit Drops by About 400 Billion Won

[Asia Economy Reporter Ji Yeon-jin] Hyundai Motor Company announced on the 4th that its operating profit based on consolidated financial statements for the fourth quarter of last year, reflecting quality costs related to voluntary recalls of the Kona electric vehicle and others, was 1.2543 trillion KRW, an increase of 7.7% compared to the same period last year. The previously announced operating profit was 1.641 trillion KRW, an increase of 40.9% compared to the same period last year.

The cumulative operating profit for last year was corrected from 2.7813 trillion KRW (-22.9%) to 2.3946 trillion KRW (-33.6%).

The net profit for the fourth quarter of last year also decreased from a growth rate of 78.3% to 53.3%. The net profit for last year changed from 2.1178 trillion KRW (-33.5%) to 1.9245 trillion KRW (-39.6%).