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Hyundai Profits Shrink for 11th Straight Quarter
Hyundai Motor Co., including its Kia Motors Corp. affiliate, saw its net profit in the third quarter slide 7% to 1.12 trillion won ($987 million), its lowest level in almost seven years.
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Hyundai Motor Co., including its Kia Motors Corp. affiliate, saw its net profit in the third quarter slide 7% to 1.12 trillion won ($987 million), its lowest level in almost seven years. It was the company’s 11th consecutive decline in year-on-year earnings.
Operating profits in July-September plunged 28% to 1.07 trillion won ($935 million). Revenue dropped 6% to 22.1 trillion won ($19.5 billion).
Hyundai-Kia unit sales declined 3% to 1.09 million vehicles for the period. The company says results were hurt by three months of partial strikes that knocked out about 140,000 units of domestic production. The end in June of a government tax break on new cars also shrank demand.
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