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Hyundai Motor Turns To Profit In Q3; Sales Growth To Slow Down For Rest Of 2021

Hyundai Motor Company (HYMLF.OB,HYMTF.OB) said the company sold 898,906 units around the globe in the July-September period, a 9.9% decrease from a year ago, due to disruption of the chip supply around the globe. The company expects the situation to continue affecting production in the fourth quarter. Also, the company's annual sales target is now down to 4 million units from 4.16 million units due to disruption in the supply of chip parts.

Third quarter operating profit was 1.61 trillion Korean won compared to a loss of 313.82 billion won, prior year when quality-related expenses impacted profitability. Operating profit margin was 5.6%, for the quarter. Net profit, including non-controlling interest, was 1.49 trillion won compared to a loss of 188.80 billion won. Recurring profit was 1.94 trillion won compared to a loss of 362.30 billion won. Revenue increased 4.7% year-over-year to 28.87 trillion won.

Hyundai Motor now forecasts 2021 annual investment at around 8 trillion Korean won, revised from the previous projection of 8.9 trillion won. Also, the company increased the growth rate of revenue in its vehicle parts from 14 ~ 15% to 17 ~ 18% and the operating profit margin from 4 ~ 5% to 4.5 ~ 5.5%.

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