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)

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button