According to the company, in the previous three months its operating profit decreased by 3% to an estimated 2.4 trillion won, which is about 1.7 billion dollars – but the main reason for this was a one-time expense caused by an unexpected expense caused by “quality problems in the engines”. according to her. The revenues did grow by 31% to 37.7 trillion won, which is about 26.4 billion dollars – but significantly missed the analysts’ forecasts.
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As mentioned, the company raised its annual forecasts to a jump of 19%-20% compared to 13%-14% in revenues and a profit margin of 6.5%-7.5% compared to a previous forecast of 5.5%-6.5%. However, the reason is not an increase in car sales – as these were reduced from 4.32 million cars to only 4.01 million cars. Instead, the company stated that its luxury models made up a much larger portion of the vehicles sold, and that the significant decrease in the value of the capital compared to the dollar and other currencies meant that its revenues, measured in its local currency, would be higher than apparently expected.