Hyundai Motor reports 31% drop in Q1 operating profit, meets forecasts

SEOUL: Hyundai Motor reported a 31% drop in first-quarter operating profit on Thursday, meeting analysts’ estimates, as weaker demand in the Middle East and a recall of its Palisade SUV weighed on earnings. Hyundai, which together with affiliate Kia Corp is the world’s third-biggest automaking group by sales, posted an operating profit of 2.5 trillion won  ($1.69 billion) for the January-March period, compared with 3.6 trillion won a year earlier. That compared with a 2.5 trillion won forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. ­reuters

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