Hyundai's Earnings Take a Hit

Third-quarter profit for the Korean carmaker fell 47% year-on-year thanks to its chairman's legal troubles, a stronger currency, and labor strife

Has Hyundai Motor lost its groove? That's the question many investors likely are asking after the largest carmaker in South Korea posted its worst quarterly performance in recent years. Citing a summer strike by its labor union and a strong Korean currency, Hyundai reported on Oct. 30 that its net profit plunged 47% year-on-year to $299 million in the third quarter of this year. This was a 27% decline from the previous quarter.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.