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Hyundai Motor Q1 net profit down 12%, beats estimates

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Hyundai Motor reported a 12 per cent fall in net profit for the January to March period, as the South Korean automaker suffered slumping sales in China.

[SEOUL] Hyundai Motor reported a 12 per cent fall in net profit for the January to March period, as the South Korean automaker suffered slumping sales in China.

Hyundai Motor, the world's fifth-biggest automaker together with affiliate Kia Motors, posted on Tuesday a net profit of 1.69 trillion won (S$2 billion) for the first quarter, compared with the 1.46 trillion won average estimate of 14 analysts polled by Thomson Reuters I/B/E/S.

This marks its ninth consecutive quarterly profit drop.

REUTERS