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About: http://data.cimple.eu/news-article/824f8ca7ae19e7c720bdd8ba6eab0df426ad1c47306748f9eeeac026 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	South Korea's largest automaker Hyundai Motor reported a crash in first-quarter net profits Thursday, blaming weakening global demand caused by the coronavirus pandemic. Net profit in the January-to-March period was 552.7 billion won ($448 million), down 42 percent from a year ago, it said in a statement. The fall is mainly due to "temporary production disruption at its Korean facilities and weak global demand caused by COVID-19", the company added. But operating profit rose 4.7 percent year-on-year to 863.8 billion won, while sales were also up 5.6 percent, thanks to a "weaker Korean won against the US dollar", among others, it said. Crucial supply lines for the car industry were disrupted after the coronavirus outbreak in China earlier this year saw Beijing ordering factories closed in several areas, as it sought to contain the epidemic. This had fractured the supply of parts for Hyundai -- which with its affiliate Kia ranks as the world's fifth-largest auto manufacturer. As a result, the firm has repeatedly suspended production at its factories across South Korea and overseas since February. The automaker plans to halt operations at most of its domestic plants -- including its giant Ulsan complex, capable of making 1.4 million vehicles annually -- from April 30 to May 5. The company "expects to face weakening profitability in the second quarter as the impact of COVID-19 continues to hurt auto demand around the world", it said in a statement. Hyundai Motor shares closed down 0.22 percent in Seoul. cdl/rbu
schema:headline	Hyundai Motor Q1 net drops 42 percent because of virus outbreak
schema:mentions	Kia Motors Hyundai Motor Company Seoul Beijing South Korea United States dollar Pandemic Virus China Coronavirus Severe acute respiratory syndrome coronavirus 2 Ulsan South Korean won House of Freedoms Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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