Page last updated at 08:17 GMT, Thursday, 28 January 2010

Hyundai profits up fourfold as car sales rise

Hyundai sign
Hyundai is South Korea's top carmaker

Hyundai has reported a fourfold increase in profits between October and December as government incentives helped to boost car sales.

Net profit for the period was 945.5bn won ($820m; £505m), compared with 243.5bn won a year earlier.

This was considerably higher than analysts had expected.

Hyundai's fortunes are in stark contrast with many carmakers across the world that have struggled to cope with falling sales during the downturn.

It has benefited from the South Korean government's decision last year to introduce a 70% cut in taxes for consumers buying new cars.

This has boosted sales domestically, but the carmaker has also seen sales in China and India grow strongly.

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