Motor Co. Ltd., which last week delayed the release of first-quarter results following the arrest of Chairman Chung Mong-koo, who is embroiled in a bribery scandal, reportedly posts an operating profit of 335.3 billion won ($356.6 million).
That is an increase from year-ago, when’s operating profit was 322.7 billion won ($343.2 million).
However, Hyundai’s net profit slipped 37% to 318.8 billion won ($339.1 million).
Revenue rose 11.2% from first quarter year-ago to 6.86 trillion won ($7.3 billion), vs. 6.17 trillion won ($6.6 billion) in like-2005.
The auto maker reportedly credits brisk sales of higher-priced models in South Korea, such as the Grandeur, for the increase in sales.
Hyundai’s results were better than sister company Kia Motors Corp., which last week reported first-quarter net profit had slipped 80% from year-ago, to 38.37 billion won ($40.9 million). Kia blamed the drop on the strengthening of its currency.