Hyundai Q3 profits hit by workers’ strikes

SOUTH Korea’s Hyundai Motor yesterday announced a sharp fall in profits for a third quarter, hit by industrial action that took a toll on the national economy. Hyundai is the biggest automaker in South Korea and, along with its affiliate Kia, forms the fifth-largest carmaking group. Tens of thousands of workers at the firm’s plants in South Korea staged strikes for several weeks through July to October demanding higher wages. Production losses were estimated at 3 trillion won ($2.6 billion), and its third quarter net profit fell 7.2 percent from a year ago to 1.1 trillion won.