Dow Jones Newswires: Hyundai Motor profit rises 51%, but misses expectations

This post was originally published on this site

Hyundai Motor Co. Ltd.’s third-quarter net profit increased sharply on year, helped by solid sales growth in the U.S. and Europe.

Net profit for the quarter ended September was 460.50 billion Korean won ($393.4 million) compared with KRW305.95 billion in the same quarter a year earlier, the South Korean car 005380, +0.83%  aid Thursday.

The result missed consensus forecasts for KRW811.27 billion, according to FactSet.

Revenue climbed 10% on year to KRW26.969 trillion.

Operating profit rose 31% on year to KRW378.52 billion.

Hyundai Motor said brisk sales of its new sports-utility vehicles in the U.S. and Europe helped boost revenue and earnings, while demand from China remained weak.

The one-off legal costs for its class-action settlement over engine defects ate into the company’s net profit, it said.

Add Comment