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).