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Hyundai Motor Q3 profit up 13 percent, meets forecasts

SEOUL, Oct 25, 2012, (Reuters) - 12:02 IST
South Korea's Hyundai Motor Co reported July-September net profit of 2.17 trillion won, an increase of 13 percent and in line with market forecasts, with growth held back by labour strikes in South Korea even as overseas sales rose.

A Reuters poll of 13 analysts had predicted on average a net profit of 2.13 trillion won for Hyundai, which with affiliate Kia Motors is the world's fifth-biggest car maker.

Net profit in the year-ago period was 1.92 trillion won, while Hyundai earned 2.55 trillion won in the second quarter.

The industrial action in South Korea in July and August was Hyundai's costliest ever - with lost production of more than 82,000 cars worth $1.5 billion. Hyundai has almost half its global production in South Korea.

Shares in Hyundai Motor last traded more than 2.5 percent higher after the results on Thursday.

The stock slumped more than 13 percent this month to Wednesday's close, while the benchmark index lost 4 percent. Over the same period, major Japanese rivals Honda Motor Co Ltd, Nissan Motor Co Ltd and Toyota Motor Corp gained around 7 percent, 4 percent and 2 percent respectively.

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