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South Korea’s Hyundai Motor Co on Thursday missed analyst estimates by posting nearly flat net profit, as lacklustre US performance offset increased sales in Korea and China.
Hyundai, the world’s fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported January-March net profit of 1.93 trillion Korean won ($1.86 billion) from 1.95 trillion won a year earlier. Revenue rose 1 per cent to 21.6 trillion won.
Sales benefited from a redesigned Genesis sedan in Korea and increased factory capacity in China, analysts said, while in the United States, the automaker was up against rivals with newer models.
