SEOUL, KOREA - Hyundai Glovis, a logistics company under the umbrella of the Hyundai Automotive Group, is expected to post favorable second-quarter financial results on the back of the record performance of Hyundai Motor and Kia Motors.

 

According to financial investment information site FnGuide on July 31, the consensus figure for Hyundai Glovis' consolidated operating profit for the second quarter was 177,846 million won, up 26.98 percent from the previous quarter. The sales revenue for the quarter is estimated at 3,304.2 billion won, 7.63 percent higher than a quarter ago.

 

By far, the most important factor that makes stock analysts believe Hyundai Glovis' results would be higher than ever before is the stellar performance of its auto making affiliates. The combined sales of cars overseas recorded by Hyundai Motor and Kia Motors have increased 4.8 percent from the previous quarter. The Hyundai Glovis-delivered volume of cars sold by their overseas assembly plants has also risen 18 percent during the same period.

 

Kang Eun-pyo, Samsung Securities analyst, said, "It is highly likely that the number of Hyundai and Kia cars shipped by Hyundai Glovis would have risen for the quarter. Especially the shipments on a CKD (complete knock-down) basis must have increased by a large margin." Indeed, the first-quarter shipments of CKD kits accounted for about 40 percent of Hyundai Glovis' delivery.