IN BRIEF (Page 14)
Hyundai profit up on sales leap
Hyundai Motor Co, South Korea's largest automaker, said quarterly profit jumped fivefold to a record after an economic recovery spurred demand for new models at home, Europe and the US.
Net income totaled 1.13 trillion won ($1 billion) in the three months ended March 31, from 225 billion won a year earlier, the Seoul-based carmaker said. That compares with the 790.3 billion won average of 26 analyst estimates compiled by Bloomberg. Sales rose 40 percent to 8.42 trillion won.
Moody's cuts Toyota rating
Toyota Motor Corp's credit rating was cut by Moody's Investors Service, and Fitch Ratings said it may also downgrade the world's biggest carmaker after recalls of more than 8 million vehicles ravage profit.
The rating was reduced to 'Aa2', the third-highest grade, from 'Aa1', according to a statement from Moody's, which stripped Toyota of the top 'Aaa' rating last year. Fitch will examine the company's creditworthiness and a downgrade is a "possibility", senior analyst Jeong Min-pak said in an interview.
ABB earnings slump 29%
ABB Ltd, the world's largest builder of electricity networks, reported lower-than-estimated profit in the first quarter as clients in Asia and the Middle East delayed large power projects and prices fell.
Net income fell 29 percent to $464 million, Zurich-based ABB said. Analysts surveyed by Bloomberg predicted profit of $508.9 million. Sales decreased 4 percent to $6.93 billion while orders declined 12 percent. The shares fell as much as 7.2 percent in Zurich trading, the most in more than a year.
Bloomberg News
(China Daily 04/23/2010 page14)
