SEOUL (Reuters) – South Korea’s Hyundai Motor Co reported a nearly 50% drop in quarterly profit, hurt by rising raw material costs and a one-off expense associated with employees’ bonuses. Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 547 billion won […]
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Hyundai Motor’s Q4 profit misses estimates
SEOUL (Reuters) – South Korea’s Hyundai Motor Co reported a nearly 50% drop in quarterly profit, hurt by rising raw material costs and a one-off expense associated with employees’ bonuses.
Hyundai Motor, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 547 billion won ($456.32 million) for October-December, versus 1.1 trillion won a year earlier.
That compared with an average analyst forecast of 1.5 trillion won compiled by Refinitiv SmartEstimate.
($1 = 1,198.7100 won)
(Reporting by Heekyong Yang and Joyce Lee; Editing by Himani Sarkar)