SEOUL, Jan 28 (Reuters) - Hyundai Motor Co, South Korea's top automaker, said on Thursday its quarterly profit almost quadrupled, beating market expectations, fuelled by new models and government incentives to car buyers.
Hyundai, the world's No.4 car company with its affiliate Kia Motors Corp, reported a net profit of 945.5 billion won ($819.7 million) in the fourth quarter, above a forecast of 760.7 billion won in a Thomson Reuters I/B/E/S poll of 23 analysts.
That compared with a 243.5 billion won profit a year earlier and 979.1 billion won in the third quarter of last year.
Hyundai is expected to enjoy strong growth again this year as the global economic recovery, an improving brand and better car quality bolster demand, offsetting a stronger Korean won and a trimming of government handouts to car buyers, analysts said.
Shares in Hyundai more than trebled in 2009, far outperforming a 50 percent gain in the wider market over the same period, though the stock has fallen 10 percent so far in 2010. ($1=1153.5 Won) (Reporting by Cheon Jong-woo; Editing by Lincoln Feast)