SEOUL: South Korea's Hyundai Motor Co said on Tuesday its fourth-quarter net profit slipped 2 percent, as it boosted discounts to revive U.S. sales and car 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.

Operating profit dropped 19 percent to 1.52 trillion won, Hyundai said, while revenue rose 5 percent to 24.76 trillion won.

Copyright Reuters, 2016