SEOUL:

The Pak Banker - - COMPANIES/BOSS -

South Korea's Hyundai Mo­tor on Tues­day said profit fell for the eighth con­sec­u­tive quar­ter, as it boosted dis­counts to re­vive US sales and auto de­mand stag­nated in emerg­ing mar­kets. Hyundai, the world's fifth- big­gest au­tomaker along with af­fil­i­ate Kia Mo­tors Corp, said Oc­to­ber-De­cem­ber net profit dropped to 1.63 tril­lion won ($1.36 bil­lion) from 1.66 tril­lion won a year ear­lier. That was in line with the 1.6 tril­lion won av­er­age es­ti­mate of 15 an­a­lysts polled by Thom­son Reuters I/B/E/S.

With net profit for 2015 com­ing in at 6.42 tril­lion won, last year's re­sult was Hyundai's low­est an­nual profit in five years, and the firm warned the out­look for 2016 re­mains clouded. "We ex­pect the un­cer­tainty sur­round­ing the global auto mar­ket to per­sist this year," Hyundai said in a state­ment. The au­tomaker ratch­eted up in­ven­to­ries and sales in­cen­tives in the fourth quar­ter as it boosted year-end out­put to stave off a drop in an­nual sales, an­a­lysts said. Fourth-quar­ter op­er­at­ing profit dropped 19% to 1.52 tril­lion won, Hyundai said, while rev­enue rose 5% to 24.76 tril­lion won. Shares in Hyundai were 1.5% lower, com­pared with the wider mar­ket's 1.2% de­cline, af­ter the earn­ings an­nounce­ment.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.