January 25, 2018 / 5:38 AM / 4 months ago

Hyundai Motor Q4 net profit rises 3 percent, meets consensus

SEOUL (Reuters) - Hyundai Motor on Thursday reported a 3 percent gain in quarterly net profit, but a fifth straight drop in annual earnings as a stronger local currency and weak U.S. and Chinese sales eroded the automaker’s bottom line for 2017.

FILE PHOTO - A Hyundai logo is seen outside a factory in Beijing, China April 8, 2017. REUTERS/Muyu Xu/File Photo

Hyundai, the world’s No.5 automaker along with affiliate Kia Motors Corp, reported a net profit of 1.03 trillion won ($971.61 million) for the fourth quarter ended December, in line with the 1.09 trillion won average estimate from 21 analysts polled by Thomson Reuters I/B/E/S.

But its operating profit slumped 24 percent to 775 billion won and sales fell 0.2 percent to 24.5 trillion won.

For the full year, it posted a net profit of 4.03 trillion won, versus 5.41 trillion won a year ago.

($1 = 1,060.1000 won)

Reporting by Hyunjoo Jin; Editing by Himani Sarkar

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