Hyundai Q3 net profit surges to record

The third quarter rise was fueled by higher sales on government incentives and a lack of strike activity.

Still,its outlook is growing gloomier with a rising won and as governments around the world phase out measures to boost car demand,analysts added.

“Third-quarter earnings came very strong and the fourth quarter could be also excellent,thanks to the new model launch,but momentum is likely to slow next year. It will be difficult to beat this year,” said Choi Jong-hyeok,fund manager at Midas Asset Management.

The maker of the Elantra compact car is expected to post an almost 40 per cent jump in net profit to 2.02 trillion won ($1.72 billion) for the whole of 2009,while its Japanese rivals including Toyota Motor Corp are expected to see profits drop or post massive losses,according to Thomson Reuters I/B/E/S polls.

Hyundai posted a net profit of 979.1 billion won in the third quarter ended on Sept. 30,beating a 616.3 billion won forecast by 11 analysts in a Reuters poll.

That compared with a 264.8 billion won net profit a year earlier and a 811.9 billion won profit in the second quarter of this year.

It reported a 586.8 billion won operating profit in the July-September period,also beating a forecast for a 561.2 billion won profit.