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Stocksak: Hyundai Motor Q3 net profit drops to 3%, well under estimates


© Stocksak. FILE PHOTO – The Hyundai Motor logo is seen at its Seoul, South Korea dealership on April 26, 2017. REUTERS/Kim Hong-Ji

SEOUL (Stocksak -South Korea’s Hyundai Motor Co reported a 3% drop in third quarter profit Monday due to a 1.36 trillion won ($906m) provision to cover costs related to engine quality issues.

Net profit decreased to 1.27 trillion won during the July-September period. This compares with 1.31 trillion won during the same period one year ago and a Refinitiv SmartEstimate drawing from 17 analysts of 2.4 trillion won.

The quarter’s revenue jumped 31% to 37.7 Trillion Won, just below the 36 Trillion Won analysts had predicted.

Hyundai Motor’s shares were down 2.4%, with affiliate Kia Corp, as compared to a 0.95% rise for the wider market.

($1 = 1,434.4400 won)

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