Hyundai Motor Q3 profit beats estimates on China, Brazil

Reuters

SEOUL, Oct 24 (Reuters) - South Korean automaker HyundaiMotor Co posted its first quarterly profit rise in ayear as strong sales in China and Brazil countered lacklustreperformances at home and the United States.

Hyundai Motor, the world's fifth-biggest carmaker along withaffiliate Kia Motors Corp, said on Thursday netprofit rose 3.9 percent to 2.3 trillion won ($2.2 billion) inthe third quarter ended September compared with a earlier. Thatwas slightly above an average forecast of 2.17 trillion wonaccording to Thomson Reuters I/B/E/S.

The automaker posted an operating profit of 2.0 trillion wonand revenue of 20.8 trillion won.

Hyundai Motor, once the stellar performer in the global autoindustry, is losing some of its lustre. Its U.S. market share isstagnating as a weaker yen revives its Japanese rivals. TheSouth Korean automaker is also battling the growing popularityof BMW and Volkswagen in its home marketfollowing trade deals.

Shares of Hyundai Motor have jumped 16 percent over the pastthree months on hopes that its upcoming models Genesis andSonata may help rekindle earnings growth.

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