Hyundai Motor profit declines 29% as strikes cut production

[SEOUL] Hyundai Motor Co, whose executives are taking a pay cut because of an earnings slump, posted a drop in quarterly profit after labour strikes hurt production in South Korea.

Operating profit declined to 1.07 trillion won (S$1.31 billion) in the three months ended Sept 30 from 1.5 trillion won a year earlier, the Seoul-based company said Wednesday.

That compares with the 1.22 trillion won average of 23 analysts' estimates compiled by Bloomberg.

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