Hyundai Finance: No change in forecast for 2017
Hyundai Finance has revised its forecast for the Hyundai Finance business, and said that it sees the Hyundai finance business growing by 5% this year.
Hyundai Finance said that 2017 will see a slight improvement in profitability as its average annual growth rate will be 1.8% in 2018, and 1.9% in 2019.
Hyundai finance also revised its 2018 forecast to 2.6% as well as a growth of 4.4% for the year.
The finance business has a market cap of $4.4 billion and it has a total of $2.3 billion in assets.
Its forecast for 2019 is a 3.1% increase in its market cap.
Hydeo Finance said the Hyundai-backed Hyundai finance is also seeing strong growth in its financial assets and growth of the number of customers.
According to the bank, the financial assets of Hyundai finance totaled $2,749 billion as of 31 December 2017.
The finance company has a net loss of $1.1 billion, of which $1 billion was for the 2017 year.
Its operating profit decreased by 0.3% in 2017 compared to 2016.
The bank also forecast that the net profit for the fiscal year ending 31 December 2019 will be $1,904 million, a 4.5% increase compared to the previous year.
However, the bank also lowered its revenue outlook for 2018, saying it expects its 2018 net loss to be $2 billion, or $2 million lower than the previous financial year.
The Hyundai finance also expects its total debt to reach $3.3 trillion by 2021, a 3% increase from the previous forecast.