Hyundai Motor’s Q3 operating profit declines

Seoul, Oct 22 (IANS) Hyundai Motor, South Korea’s top carmaker, logged an 8.8 percent decline in its third-quarter operating profit, a regulatory filing showed on Thursday.

Operating profit reached 1.50 trillion won ($1.33 billion) in the three months ending September 30, down 8.8 percent from a year earlier, reported Xinhua.

Revenue increased 10.1 percent from a year earlier to 23.43 trillion won in the third quarter, but net income sank 25.3 percent to 1.21 trillion won.

Despite strong auto sales, a rise in marketing costs and a volatility in the foreign exchange market resulted in the worse-than-expected earnings.

Market expectations for the operating profit had been set at 1.59 trillion won for the third quarter.

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