Hyundai Rotem Q3 net down 10.3% to $133.9 mil
Hyundai Rotem, the defense and railway subsidiary of Hyundai Motor Group, said Monday its third-quarter net profit fell about 10 percent from a year earlier. Net profit for the July-September period decreased 10.3 percent to 177.98 billion won ($133.9 million), the company said in a regulatory filing. Operating profit also declined 11 percent on-year to 247.1 billion won, while sales inched up…
Hyundai Rotem, a subsidiary of Hyundai Motor Group, reported a 10.3% decline in net profit for the third quarter, amounting to 177.98 billion won, or $133.9 million. Operating profit also decreased by 11% compared to the same period last year. Meanwhile, sales experienced a slight increase of 0.1%. For the first nine months of the year, cumulative sales saw an 11.2% rise compared to the previous year, reaching 4.68 trillion won.
However, operating profit for this period declined by 4.7% to 703.7 billion won. At the end of September, the company's order backlog amounted to 29.14 trillion won, a drop of 1.26 trillion won from the previous quarter. In a strategic move, Hyundai Rotem announced plans to acquire Hyundai Wia's defense business for 358.4 billion won, aiming to strengthen its weapons production capabilities and potentially boost overseas sales of its K2 tanks.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
