Hyundai Profit Beats Forecasts Despite 3.4 Percent Revenue Slump
Operating profit for the July-September period rose 5.5 percent from a year earlier to 2.68 trillion won (about 2.0 billion U.S. dollars), clearing analyst expectations of roughly 2.4 trillion won. Hyundai credited favorable exchange rates, cost-cutting measures and a stronger product mix for the gain.
Revenue moved the other way, falling 3.4 percent year on year to 45.11 trillion won. The company blamed the decline on domestic production disruptions caused by labor strikes, along with a slowdown in global demand.
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