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Hyundai Motor sees first quarterly loss in 8 years

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Seoul: South Korea’s largest automaker Hyundai Motor reported its first quarterly loss in eight years on Thursday, with currency swings sending it $180 million into the red in October-December despite improved sales.


Operating profit fell 35 per cent from a year earlier to 501 billion won ($443 million), the firm said in a statement, and it made a net loss of 203 billion won.


“Due to weakened currency in emerging markets coupled with other external factors… profitability fell in 2018 compared to the previous year,” said Hyundai, which together with its subsidiary Kia is the world’s fifth-largest automaker. The company sold 1.23 million cars worldwide in the fourth quarter, up 0.6 per cent from the same period a year earlier, mainly due to rising demand from Europe and key emerging markets including Brazil and Russia. — AFP



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