Hyundai Motor has reported a profit fall for the eighth consecutive quarter, with net profit in the quarter ended 31st December down by 2% to 1.6 trillion won.
The company's bottom line was dented by slower growth in China, a strong Korean currency and by tougher competition on the US market which brought increased marketing (incentives) costs.
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Hyundai's fourth-quarter operating profit fell 19% to 1.52 trillion won. Revenue rose 5% year-on-year to 24.76 trillion won.
Net profit for 2015 amounted to 6.5 trillion won, down 15% from a year ago and the lowest since 2010, according to a statement from Hyundai.
Operating profit also slumped to 6.35 trillion won, down 16% from a year earlier and the lowest since 2010.
The company has forecast sales growth this year will be the weakest since 2006 as it expects the economic slowdown to continue in China, its largest market by volume.
(Currency exchange rate: US$1 – 1,200 won)
