Hyundai Motor has posted third quarter financial results that show a decline in profit to its lowest level in nearly four years, the company's results weighed down by strikes that hit production.
The company also warned it may miss its sales targets for a second straight year.
Net profit was down 10% to KRW1.06 trillion in the quarter ended September 30. It was the 11th consecutive quarter of declining profit and the company also blamed weak demand in emerging markets.
Hyundai Motor also said that increased marketing efforts for its Genesis premium brand and R&D investment contributed to the profit decline.
Through the first nine months of 2016, Hyundai Motor Company's global sales totalled 3,477,911 units (Korea: 481,248 / overseas: 2,996,663), down 1.7% on last year.
However, Hyundai Motor's sales revenue increased 2.9% to KRW 69.11 trillion from a year earlier owing to sales increase of higher price tag SUVs and Genesis models. Operating profit fell 13.8% to KRW 4.17 trillion and net profit showed a 6.6% decrease to KRW 4.65 trillion, for the first nine months.
Hyundai Motor forecasts that an unfavourable business environment is likely to continue due to 'stagnant growth in developed markets and economic recession in emerging markets in the fourth quarter'.
