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Hyundai Motor Q3 profit down 29 pct, misses forecasts

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Hyundai Motor Co posted a 29 per cent year-on-year fall in its quarterly net profit, missing analysts' estimates, hit by a strong local currency and slowing sales growth in its key US and South Korean markets.

[SEOUL] Hyundai Motor Co posted a 29 per cent year-on-year fall in its quarterly net profit, missing analysts' estimates, hit by a strong local currency and slowing sales growth in its key US and South Korean markets.

Hyundai Motor, which along with its affiliate Kia Motors is the world's fifth-biggest automaker, on Thursday reported a 1.52 trillion Korean won (US$1.44 billion) net profit for the July to September quarter, slightly lower than a consensus forecast of 1.79 trillion won, according to a Reuters'poll of 12 analysts.

Its third-quarter sales rose 2 per cent to 21.28 trillion won year-on-year.

Hyundai's stock has lost 32 per cent so far this year, making the company the worst performer among major global automakers. Many investors sold off their holdings after a Hyundai-led consortium last month bid $10 billion for a plot of land in Seoul, more than triple the appraised price.

REUTERS