SEOUL (Reuters) -Hyundai Motor Co on Thursday reported a 7% fall in third-quarter operating profit in a sign the global slowdown in car demand is impacting the South Korean carmaker.
Hyundai Motor (OTC:), which together with its affiliate Kia Corp is the world’s No.3 automaker by sales, reported an operating profit of 3.6 trillion won ($2.6 billion) for the July to September period, compared with 3.8 trillion won in profit a year earlier.
The result was also lower than a 3.9 trillion won average operating profit forecast by 20 analysts compiled by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate.
Hyundai Motor shares extended losses on Thursday, falling 3.7% after the earnings announcement.
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