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Hyundai Motor Q3 profit down 20 pct on weak China sales, Kia losses
October 26, 2017 / 5:09 AM / a month ago

Hyundai Motor Q3 profit down 20 pct on weak China sales, Kia losses

SEOUL, Oct 26 (Reuters) - South Korea’s Hyundai Motor Co posted a 20 percent drop in net profit for the third quarter, hit by a diplomatic row with China that dragged on sales and losses from affiliate Kia Motors Corp.

Hyundai Motor, which together with Kia is the world’s fifth-biggest automaker, on Thursday reported a net profit of 852 billion won ($758.21 million) for the three months ended September, versus 1.06 trillion won a year ago.

However, this was slightly better than an average analysts’ forecast for a net profit of 849 billion won.

Its operating profit rose 13 percent to 1.2 trillion won over the period. ($1 = 1,123.7000 won) (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)

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