Seoul: Hyundai Motor Co. on Thursday reported its third-quarter net income of 2.54 trillion won (US$1.8 billion), marking a decrease of 20.5 percent from the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the July-September period also saw a decline, falling 29.1 percent year-on-year to 2.53 trillion won. Despite these declines in net and operating income, Hyundai's revenue showed an increase of 8.8 percent, reaching 46.72 trillion won for the quarter.
The earnings surpass market expectations, as analysts had predicted a lower net profit. The average estimate of net profit by analysts was 2.24 trillion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.