August 18, 1999	atimes.com

The Koreas Auto makers see sales and profits go vrroom SEOUL - The operation of South Korea's auto makers has done an about face in the first half, with some firms recording huge profits. The Korea Stock Exchange and industry sources said Tuesday that Hyundai Motor (KSE: 05380) saw first-half sales surge 40 percent over the same period last year to 6.54 trillion won ($5.45 billion), reaping a net profit of 110.2 billion won. The company recorded 1.2 billion won in losses during the comparable period last year. Encouraged by the stellar performance, Hyundai expects a net profit of 400 billion won over the 300 billion won projected earlier in the year on 14 trillion won in sales, up 60 percent from last year. Kia Motors (00270), in the meantime, has narrowed its first-half deficit to 33.8 billion won from around 6 trillion won in the red last year. Kia expects to record 150 billion won in net profit this year, an improvement over the 50 billion won profit projected early in the year. The company projects its sales will hit 7.8 trillion won, up 70 percent from last year, including 2.8 trillion won in the first half, up 20 percent year-on-year. Asia Motors has also put its operations on a solid footing in the first half, considering the loss charge of 200 billion won in connection with its merger. Ssangyong Motor (03620) cut its deficit from 377.1 billion won in the first half last year to just 98.3 billion won in the first half this year. Daewoo Motor, a non-listed firm, projects its first-half sales at 3.5 trillion won. Daewoo automobile sales have turned in 10.8 billion won in net profit in the first half, wiping off a deficit of 10.9 billion won in the same period last year. (Asia Pulse)

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