SEOUL, South Korea (AP) - Hyundai Motor Co. reported its eighth consecutive drop in quarterly earnings.
SEOUL, South Korea (AP) — Hyundai Motor Co. reported its eighth consecutive drop in quarterly earnings.
The South Korean company said Tuesday its October-December net profit was 1.53 trillion won ($1.27 billion), down 8 percent compared with 1.66 trillion won a year earlier.
That was slightly lower than expectations. According to financial data provider FactSet, analysts expected 1.6 trillion won in net profit.
Profit at Hyundai, South Korea's largest automaker, has dropped for eight quarters in a row.
Sales gained 5 percent to 24.76 trillion won while operating profit sank 20 percent to 1.52 trillion won.
For the entire year, its net income was 6.51 trillion won, down 15 percent from 2014 and the lowest annual earnings in five years.