Companies / South Korea
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Industrial Harmony Leads To Hyundai Record
January 2008 | Company Finance AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Despite a disappointing fourth quarter, South Korean carmaker Hyundai Motor achieved a sales record in 2007. Sales revenues were 11.5% higher y-o-y at KRW30.49trn (US$32.12bn), marking the first time in the company's history that sales exceeded KRW30trn. The performance resulted in a net profit of KRW1.68trn (US$1.77bn), up 10% y-o-y. One of the key factors during the record year was the negotiation of a new labour agreement without a strike for the first time in 10 years. In previous years, industrial action has impacted upon output, with sales and exports suffering as a knock-on