SEOUL: South Korea's largest carmaker Hyundai Motor on Thursday reported a 13 percent increase in its third-quarter net profit from a year earlier, despite a series of damaging strikes that hurt production.
Consolidated net profit was 2.17 trillion won ($1.97 billion) in July-September compared with 1.92 trillion won a year earlier, the company said.
Sales rose 3.6 percent year-on-year to 19.65 trillion won, and operating profit increased 3.1 percent to 2.06 trillion won.
Hyundai's labour union staged partial strikes in July and August, cutting production by more than 82,000 vehicles valued at 1.7 trillion won.
But its move to shift more production overseas helped limit the impact of labour action, the company said, adding that it had also benefited from the Korean won's appreciation against the dollar.
Hyundai said its global annual production capacity would reach 4.51 million vehicles, including 2.65 million overseas, by the end of December.
"Hyundai is likely to post a double-digit growth in the fourth-quarter operating profit on normalisation of domestic plants, expanded capacity in China and the introduction of three shifts at its Alabama plant," said Korea Investment and Securities analyst Suh Sung-Moon.
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