Hyundai Motor shares slump after disappointing Q4 earnings

SEOUL Thu Jan 23, 2014 7:35pm EST

SEOUL Jan 24 (Reuters) - Shares of Hyundai Motor fell more than 3 percent on Friday after the automaker posted disappointing quarterly earnings, which prompted a series of brokerages to cut stock price targets for the South Korean company.

Hyundai Motor posted its first year-on-year fall in quarterly revenue in nearly three years on Thursday after it was hit by a stronger local currency and slumping sales in South Korea, as well as increased incentives for aging models.

Its fourth-quarter net profit also missed a consensus forecast.

Hyundai Motor shares traded down 2.6 percent at 226,000 Korean won ($210) at 0029 GMT after falling as much as 3.2 percent. ($1 = 1073.9500 Korean won) (Reporting by Hyunjoo Jin and Jungmin Jang; Editing by Paul Tait)

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