Despite a strong volume of business, the South Korean automaker Hyundai Motor reported a decline in profitability for the third quarter.
While business volume climbed by 30% to 36. 7 trillion Won during the same quarter of the year, operating profits declined by 3.4% to 1.55 trillion Won (976 billion dollars), and net profits decreased by 5.1%. It will total 1.41 trillion Won in the past.
The company expressed its confidence in the results of the entire year.
Despite the allocations and ongoing ambiguity, which includes geopolitical events and interest rate fluctuations, Hyundai aims to achieve its usual strong results this year, she added.
During the July to September quarter, the business had tracked allocations totaling 1.36 trillion Won. Operating profits topped 2. 9 trillion Won, excluding allocations, for an operating margin of almost 7. 7%.
Sales grew by 14% in the third quarter to 1,025 billion units, which is attributable to better supply conditions. Hyundai, like other businesses, was experiencing a chip shortage.
Hyundai’s third-quarter earnings decreased.
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