Hyundai Motor 3Q net profit hits 7-year-low

It is lowest since the first quarter of 2010, when Hyundai adopted international financial reporting standards.

By: AP | Seoul | Published:October 26, 2016 12:54 pm
hyundai, hyundai Q3 profits, Hyundai third quarter profits, Hyundai profits, hyundai quarter three profits, hyundai profits lowest in 7 years, hyundai profits fall, company news, business news, indian express Hyundai Motor says its third-quarter profit fell to the lowest level in nearly seven years, well below forecasts. South Korea’s largest automaker said Wednesday its July-September earnings fell 10 percent from a year earlier to 1.06 trillion won (7 million).

Hyundai Motor says its third-quarter profit fell to the lowest level in nearly seven years, well below forecasts. South Korea’s largest automaker said Wednesday its July-September earnings fell 10 percent from a year earlier to 1.06 trillion won ($937 million).

It is lowest since the first quarter of 2010, when Hyundai adopted international financial reporting standards.

Analysts expected 1.3 trillion won in earnings according to FactSet, a financial data provider.

Hyundai, part of the world’s fifth-largest auto group, said its sales in January-September declined 2 per cent from the year before, falling both at home and overseas.

It blamed a strike, now over, that caused production disruptions during the fall.

Sales fell 6 percent to 22.1 trillion won ($19.5 billion). Operating income sank 30 percent to 1.07 trillion won ($944 million).

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