In brief
On Thursday, Hyundai Motor Co. disclosed a 24.2% year‑on‑year decline in third‑quarter net profit, falling to 1.93 trillion won. The automaker’s operating profit rose to 2.67 trillion won while revenue slipped 3.4% to 45.11 trillion won. Analysts had expected a net profit of 2.12 trillion won, and Hyundai also lowered its annual sales and investment targets, a move reported only by Yonhap.
In Seoul, Hyundai Motor Co. announced on Thursday its third‑quarter net profit dropped 24.2% to 1.93 trillion won, or about US$1.4 billion.
Operating profit for the July‑September period rose modestly to 2.67 trillion won from 2.53 trillion won a year earlier, while revenue fell 3.4% to 45.11 trillion won.
The earnings missed market expectations; analysts had projected a net profit of 2.12 trillion won, according to a Yonhap Infomax survey.
Drivers and outlook
Sources cited production disruptions and weak global demand as reasons for the profit slump, and said the company has lowered its annual sales target to 4 million vehicles from 4.16 million and reduced its investment plan to 16 trillion won from 17.8 trillion won – a move reported only by Yonhap.
