Hyundai Motor has said its net profit fell 15% last year to 7.65 trillion won (around USD7bn), a result that disappointed analysts.
It’s the lowest result since 2010 and the company said that net profit in the fourth quarter was off 22% on the previous year.
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The company blamed tough international competition and currency headwinds for the disappointing results.
“We expect competition to intensify in overseas markets, while makers of imported cars step up sales, boosted by tariff cuts and currency effects in the domestic market,” Hyundai said in a statement.
The company was hit by events in Russia, lower sales and a weak rouble, while a weaker yen – which helped Japanese rivals – contributed to tougher competitive conditions in the US.
Hyundai Motor also announced its biggest ever dividend. Reuters said that this was to “appease shareholders angered by a $10 billion [HQ] property buy.”
