Hyundai Profit Falls Short Of Target

South Korean carmaker Hyundai Motor has recorded a net profit in the first quarter of 2008, following on the back of its record year for sales in 2007. However, the KRW392.7bn net profit fell short of the firm's KRW559.2bn target, largely due to a weak won and increasing raw material costs. Hyundai reported that losses from currency derivatives rose to KRW138bn in Q108, compared to just KRW22bn in the first quarter of 2007. Operating profits, although up by 61% year-on-year (y-o-y) also fell short of the KRW574.8bn forecast at KRW529.1bn. On the positive side, sales exceeded targets, rising 22% y-o-y

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