Hyundai Q4 profit falls 2%, cost of sales incentives weighs

[SEOUL] South Korea's Hyundai Motor Co said on Tuesday its fourth-quarter net profit slipped 2 per cent, as it boosted discounts to revive US sales and car demand stagnated in emerging markets.

Hyundai, the world's fifth-biggest automaker along with affiliate Kia Motors Corp, said October-December net profit dropped to 1.63 trillion won (S$1.95 billion) from 1.66 trillion won a year earlier.

That was in line with the 1.6 trillion won average estimate of 15 analysts polled by Thomson Reuters I/B/E/S.

Operating profit dropped 19 per cent to 1.52 trillion won, Hyundai said, while revenue rose 5 per cent to 24.76 trillion won.

REUTERS