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.