Hyundai Motor Q4 net profit rises 3%, meets consensus

The world`s number 5 automaker reported a net profit of $971.61 million for the fourth quarter ended on December.

Hyundai Motor Q4 net profit rises 3%, meets consensus
Reuters file photo

Seoul: Hyundai Motor on Thursday reported a 3 percent gain in quarterly net profit, but a fifth straight drop in annual earnings as a stronger local currency and weak US and Chinese sales eroded the automaker`s bottom line for 2017.

Hyundai, the world`s number 5 automaker along with affiliate Kia Motors Corp, reported a net profit of 1.03 trillion won ($971.61 million) for the fourth quarter ended December, in line with the 1.09 trillion won average estimate from 21 analysts polled by Thomson Reuters.

But its operating profit slumped 24 percent to 775 billion won and sales fell 0.2 percent to 24.5 trillion won.

For the full year, it posted a net profit of 4.03 trillion won, versus 5.41 trillion won a year ago.

($1 = 1,060.1000 won)