Hyundai Motor has reported profit a decline in earnings for the fifth consecutive quarter on slower sales and currency effects.
Net income fell 1% to 1.91 trillion won in the quarter ended March 31. The net income result was slightly better than expected, but the trend remains worrying for the company.
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Operating profit declined 18% percent to 1.59 trillion won and that result fell short of analyst expectations.
Quarterly sales in China declined as demand eased and competition intensified. A weaker Brazilian currency also hit earnings from the sluggish Brazilian market.
For the first three months of the year, the company sold a total of 1,182,834 units worldwide, a 3.6% drop compared to the same period last year, and its sales revenue also decreased 3.3%. Sales in Korea fell 3.7% to 154,802 units, while overseas sales also decreased 3.6% to 1,028,032 units from the same quarter last year.
Hyundai said that it expects an improvement to profitability in the second quarter, helped by the impact of recently introduced models such as the the Tucson and a weak Korean won versus the dollar.
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