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Hyundai Motor Q4 profits down by more than 30%

Collected: 2017.01.26

Distributed: 2017.01.31

Source: Go Direct

Poorer performance at home and abroad has taken a toll on the fourth-quarter bottom line for South Korea’s largest automaker Hyundai Motor Co. as it reeled from a lengthy strike and unseasonable climate disruptions on top of challenges from Chinese rivals in overseas markets.

Hyundai Motor in a regulatory filing Wednesday reported that its net profit fell 30.1 percent in the final quarter of 2016 to 1.07 trillion won ($917.2 million) and operating profit also down 32.6 percent to 1.02 trillion won. From the previous quarter, net profit was lower by 4.5 percent and operating profit by 4.4 percent.

Sales were down 11.1 percent compared to the third quarter to 24.5 trillion won. On an annual basis, sales dropped 0.9 percent.

In Seoul trading Wednesday, shares of Hyundai Motor closed at 142,000 won, down 3.07 percent from the previous session.

Hyundai Motor saw sales hurt by production disruption by over 20 rounds of strikes and poor demand in emerging markets including China.

For the whole of 2016, the automaker raked in 5.7 trillion won in net income, down 12.1 percent on year. Operating profit slid 18.3 percent to 5.2 trillion won from a year-ago period. Sales reached 93.7 trillion won, up 1.8 percent on year.

Hyundai Motor shipped a total of 4,857,933 cars including 656,526 units at home and 1,010,406 units overseas last year. Total shipment was down 2.1 percent from a year-ago period.

By Lee Seung-hoon and Park Chang-young

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