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Hyundai reported a record drop in quarterly earnings

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Hyundai reported a record drop in quarterly earnings
October 25
14:00 2018

In the third quarter of the current year, Hyundai annual operating profit has fallen by 76% amounting to $ 250 million. The international reporting format has resulted in the increase of the decline rate.

The net profit of the South Korean automaker is 269 million KRW. This is the lowest value in the last 7 years. Quarterly revenue has grown by 1% – to the level of 24 trillion won.

The company’ sales in Korea have decreased by 1.5% to 170 thousand cars. At the global level, its share has decreased by about 0.5% to 950 thousand cars.

On Thursday, Hyundai share price fell by 6% to its lowest level since 2010. During the day, the decline reached 12%.

The Korean Automobile Association predicts a drop in production to 4 million units. Last time it was 2008, when such a figure was recorded. In the period from 2004 to 2015, the country was the world’s fifth car producer, in 2016 and 2017 it took only the 6th place. In 2018, Korea may lose another step.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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