Hyundai Motor Q4 net drops 7.7 pct on currency losses, global competition

SEOUL, Jan. 26 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said Tuesday that its fourth-quarter net profits fell 7.7 percent from a year earlier due in part to the won's ascent against other currencies and heated competition in global markets.

In a regulatory filing, the automaker reported a net profit of 1.53 trillion won (US$1.3 billion) for the October-December period, down from 1.66 trillion won a year earlier.

Operating income plunged 19.2 percent on-year to 1.51 trillion won over the same period, while sales grew 5.1 percent to 24.76 trillion won.

For 2015, Hyundai Motor reported a net profit of 6.51 trillion won, down 14.9 percent from a year earlier. Its yearly operating profits also shrank 15.8 percent to 6.36 trillion won.

kokobj@yna.co.kr
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