SOUTH KOREA: Slow US hits Hyundai Motor Q1 profit
Hyundai Motor has missed analyst estimates by posting a first quarter 2014 net profit all but the same as the result in Q1, 2013.
Poor US performance offset increased sales in Korea and China and net profit of KRW1.93 trillion (US$1.86bn) was down from KRW1.95 trillion a year earlier, Reuters reported.
The result compared with the KRW 2.19 trillion won mean estimate of 13 analysts polled by Thomson Reuters I/B/E/S.
Revenue inched up 1% to KRW21.6 trillion.
Analysts told the news agency sales were helped by the redesigned Genesis sedan launched recently in Korea, and increased factory capacity in China, but, in the US, rivals had newer models.