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Hyundai Motor says 4th quarter profit tumbles 22 percent

Hyundai Motor says 4th quarter profit tumbles 22 percent

Hyundai Motor Co., the world's sixth-largest automaker, said Thursday that net profit fell 22 percent in the most recent quarter, the fourth straight quarterly decline.
Hyundai Motor earned 537.2 million won (US$574 million; euro443 million) in the three months ended Dec. 31, the company said in a statement. It posted net profit of 691 billion won a year earlier.
The result was better than expected. The average estimate of 11 analysts surveyed by Dow Jones Newswires forecast that the company would post a net profit of 454.8 billion won (US$485 million; euro375 million).
Sales during the quarter fell 6.6 percent to 7.584 trillion won (US$8.1 billion; euro6.2 billion) from 8.117 trillion won a year earlier. The analysts had forecast sales of 7.653 trillion won.
Shares in Hyundai Motor, which released earnings before the stock market closed, fell 0.9 percent to 66,300 won US$71; euro54) with about one hour left in the trading session.


Updated : 2021-05-07 19:44 GMT+08:00