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Hyundai Motor Q3 net profit slides 23%, missing estimates

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South Korea's Hyundai Motor Co said on Thursday its net profit fell 23 per cent in the third quarter from a year earlier, hit by a sharp slowdown in China sales and aggressive global incentives which outweighed gains in the won against the dollar.

[SEOUL] South Korea's Hyundai Motor Co said on Thursday its net profit fell 23 per cent in the third quarter from a year earlier, hit by a sharp slowdown in China sales and aggressive global incentives which outweighed gains in the won against the dollar.

Hyundai Motor, which together with affiliate Kia Motors ranks fifth in global auto sales, said net profit was 1.2 trillion won (US$1.1 billion) in July to September, down from 1.5 trillion won a year earlier.

That missed an average estimate of 1.5 trillion won from 12 analysts polled by Thomson Reuters I/B/E/S.

Hyundai has struggled to boost lacklustre sales in China and the United States, its two largest markets.

REUTERS