Hyundai Motor Profit Declines 5.5%, Shares Extend Fall
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Hyundai Motor Co., South Korea’s biggest automaker, reported a steeper profit drop than analysts estimated after the won appreciated more than any major currency, reducing the value of overseas sales. The stock fell.
Fourth-quarter net income declined 5.5 percent to 1.89 trillion won ($1.8 billion), compared with 2 trillion won a year earlier, the Seoul-based company said today in a statement. Analysts expected 1.98 trillion won, according to the average estimate of seven analysts surveyed by Bloomberg. Revenue also missed estimates.