SEOUL (Reuters) – South Korea’s Hyundai Motor Co on Thursday reported a 31% rise in fourth-quarter profit that missed analyst expectations due to unfavourable exchange rates as well as one-off costs related to the sale of its Russia plant in December.
Hyundai Motor, the world’s No.3 automaker by sales with its affiliate Kia Corp, reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period versus a profit of 1.7 trillion won a year earlier.
That compared with a 2.9 trillion won average forecast by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate.
($1 = 1,335.6100 won)
(Reporting by Heekyong Yang and Joyce Lee; Editing by Jacqueline Wong)
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