Hyundai Motor warns of trade protectionism as profit falls

Seoul

HYUNDAI Motor Co warned of increasing uncertainties with the spread of trade protectionism and intensifying competition, after reporting a 33 per cent decline in operating profit due to domestic labour strife and shrinking demand in Brazil and Russia.

Operating profit at South Korea's largest carmaker fell to 1.02 trillion won (S$1.2 million) in the three months ended Dec 31, missing the 1.45 trillion won average analyst estimate compiled by Bloomberg.