Hyundai Profit Beats Forecasts Despite 3.4 Percent Revenue Slump
(MENAFN) Hyundai Motor, South Korea’s largest automaker, posted a third-quarter operating profit that topped market forecasts even as its revenue shrank, the company said Thursday.
Operating profit for the July-September period rose 5.5 percent from a year earlier to 2.68 trillion won (about 2.0 billion U.S. dollars), clearing analyst expectations of roughly 2.4 trillion won. Hyundai credited favorable exchange rates, cost-cutting measures and a stronger product mix for the gain.
Revenue moved the other way, falling 3.4 percent year on year to 45.11 trillion won. The company blamed the decline on domestic production disruptions caused by labor strikes, along with a slowdown in global demand.
Operating profit for the July-September period rose 5.5 percent from a year earlier to 2.68 trillion won (about 2.0 billion U.S. dollars), clearing analyst expectations of roughly 2.4 trillion won. Hyundai credited favorable exchange rates, cost-cutting measures and a stronger product mix for the gain.
Revenue moved the other way, falling 3.4 percent year on year to 45.11 trillion won. The company blamed the decline on domestic production disruptions caused by labor strikes, along with a slowdown in global demand.
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