Weak Quarterly Results Due to Strikes; Margin Should Rebound Next Quarter
Hyundai Motor's third-quarter results showed revenue of KRW 22 trillion, down 6% year on year and 11% sequentially, whereas operating income was KRW 1.1 trillion (down 29% and 39%) and net income totaled KRW 1.1 trillion (down 7% and 37%). The quarterly results were poor, negatively affected by a series of strikes over the summer, resulting in lower utilization rates and higher fixed costs. We adjust our sales volume assumption for the year, as the production loss may lead to shortage in certain...Hyundai Motor is engaged in the manufacture and distribution of motor vehicles and parts. Co.'s passenger automobiles include Accent, Elantra, Sonata, Azera, Genesis, XG and Tiburon. Co.'s recreational vehicles include Santa FE, Tucson, Veracruz and Entourage. Co.'s commercial vehicles include H-1 Truck, Mighty II, 5 Ton Cargo, Tractor, Dump Truck, Aero Town, and Aero Queen.
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