Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Hyundai Motor net profit plunges in Q3

Hyundai Motor net profit plunges in Q3/AFP

Hyundai Motor net profit plunges in Q3/AFP

SEOUL, October 23- South Korea’s largest automaker, Hyundai Motor, posted a sharp drop Thursday of nearly 30 percent in third quarter net profit, mainly due to a stronger won and extended national holidays.

Net profit for the July-September period was down 28.3 percent on year to 1.61 trillion won ($1.53 billion), the company said in a regulatory filing.

Operating profit also dropped 18 percent on year to a four year low 1.65 trillion won, although sales gained 2.2 percent to total 21.28 trillion won, the company said.

Hyundai Motor sold nearly 1.13 million cars between July and September, up 1.8 percent from the year before.

“On average, the won gained six percent against the dollar in the third quarter from a year earlier, resulting in a sharp drop in profits,” the carmaker said.

A drop in output due to the extended Chuseok holidays in September further eroded the bottom line.

“We expect to see a better performance in the fourth quarter as the won’s appreciation will ease, the output by local plants will increase and the pace of the production of new models will pick up,” the company said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...