Hyundai Motor`s Q3 operating profit to plunge 65 pct, analysts say

SEOUL, Oct. 22 (Yonhap) -- Hyundai Motor Co. will likely suffer a 65 percent drop in its third-quarter operating profit, hurt by weaker demand at home and abroad amid the deepening global financial crisis, analysts said Wednesday.

Analysts are pessimistic about Hyundai's revenues for the quarter ending Sept.
30, as it sold fewer cars, piled up more currency-related derivative losses and
was hit by a damaging labor strike.
"Hyundai Motor's third-quarter earnings will be stagnant" amid poor sales
worldwide in the wake of the economic downturn, said Kim Yeon-chan, an analyst at
Daishin Securities Co.
Third-quarter operating profits for Hyundai, South Korea's top automaker, will
plunge 65.2 percent from a year ago to 109.4 billion won (US$80.3 million),
according to seven brokers surveyed by Yonhap News Agency.
Sales are likely to fall 29.4 percent to 6.4 trillion won.
On Monday, Hyundai said it will suspend production at its sole factory in the
U.S. for 11 days as its sales in the world's largest auto market also plunged
amid sluggish demand.
Shares of Hyundai Motor slumped 14.21 percent to close at 50,100 won on Wednesday.
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