Hyundai Motor’s net profit for Q3 sinks 24.2% on production disruptions, sluggish demand

Hyundai Motor said Thursday its third quarter net profit fell 24.2 percent from a year earlier due to production disruptions and sluggish global demand.

Net profit for the July-to-September period came to 1.93 trillion won ($1.4 billion), down from 2.54 trillion won a year earlier, the automaker said in a regulatory filing.

Operating profit rose 5.5 percent on year to 2.67 trillion won, while revenue fell 3.4 percent to 45.11 trillion won.

The earnings fell short of market expectations. The average estimate by analysts stood at 2.12 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hyundai Motor also lowered its annual sales target to 4 million vehicles from 4.16 million for this year and cut its investment plan to 16 trillion won from 17.8 trillion won.

Yonhap