Net profit at South Korea’s Hyundai Motor Co dropped 14.9 per cent in the first quarter year-on-year, media reports said Thursday.
Net profit in January to March slumped to 2.08 trillion won ($ 1.8 billion), down from 2.4 trillion won in the same period last year, the Yonhap News Agency reported.
“A fall in profit from our equity investments was the main reason behind the sluggish first-quarter earnings,” a Hyundai Motor Co official told Yonhap.
Hyundai said it sold 1,018,076 vehicles abroad in the first quarter, up 10.9 per cent from last year. Sales on the domestic market fell 0.7 per cent to 153,728 units.