Hyundai Motor reports 1.4 trillion won in net profit in Q3

Hyundai Motor headquarters in Yangjae-dong, southern Seoul [YONHAP]

Hyundai Motor reported 1.4 trillion won ($975 million) in net profit in the third quarter, significantly lower than the market consensus of 2.36 trillion won compiled by FnGuide.

On year, the net profit was down 5.1 percent, though mainly for accounting reasons, as the company reflected 1.4 trillion won worth of provisions to resolve complaints involving the Theta II gasoline direct injection (GDi) engine and offer other customer services.

Revenues came in at a quarterly record-high of 37.7 trillion won, up 30.6 percent on year, beating the market expectation of 35.9 trillion won.

Operating profit plunged 47.9 percent to 1.5 trillion won during the July-to-September period. The market consensus was 2.85 trillion won.

The number of cars sold rose by 14 percent on year in the third quarter, with increased sales of its EVs such as Ioniq 5 and 6 in the U.S. and European markets. Luxury vehicles like Genesis G90 and GV80 also sold well.

BY SARAH CHEA [chea.sarah@joongang.co.kr]