Seoul: Hyundai Motor on Thursday reported a 3% gain in quarterly net profit, but a fifth straight drop in annual earnings as a stronger local currency and weak US and Chinese sales eroded the automaker’s bottom line for 2017.
Hyundai, the world’s No.5 automaker along with affiliate Kia Motors Corp, reported a net profit of 1.03 trillion won ($971.61 million) for the fourth quarter ended December, in line with the 1.09 trillion won average estimate from 21 analysts polled by Thomson Reuters I/B/E/S.
But its operating profit slumped 24% to 775 billion won and sales fell 0.2% to 24.5 trillion won.
For the full year, it posted a net profit of 4.03 trillion won, versus 5.41 trillion won a year ago. ($1 = 1,060.1000 won) Reuters