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Hyundai Profits Fall 28%
Hyundai Motor Corp. says unfavorable exchange rates cut its net profit to 1.6 trillion won ($2 billion) in the third quarter from 2.3 trillion won in the same period of 2013.
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Hyundai Motor Corp. says unfavorable exchange rates cut its net profit to 1.6 trillion won ($2 billion) in the third quarter from 2.3 trillion won in the same period of 2013. Operating profit fell 18% to 1.7 trillion won.
The South Korean carmaker's revenue in July-August rose 2% to 21.3 trillion won ($20.1 billion) on worldwide sales of 1.23 million vehicles.
Hyundai's revenue in the first nine months of 2014 grew half a percentage point to 65.7 trillion won ($62 billion) as vehicle sales advanced nearly 4% to 3.62 million units. Domestic sales climbed 5% compared with 3% growth overseas.
The company's stock price has dropped one-third this year, in large part because of unfavorable reaction to its $10 billion bid to buy land in Seoul for a new corporate headquarters complex.
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