Hyundai Motor third-quarter profit down 20 percent on weak China sales, Kia losses

The logo of Hyundai is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo

SEOUL (Reuters) – South Korea’s Hyundai Motor Co <005380.KS> 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 <000270.KS>.

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.

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)

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About Xuseen Axmed 1521 Articles

Former somalia247.com reporter and currently mareeg media representative in Somalia