Adding injury to wounds, one of Asia’s biggest automobile manufacturer Hyundai Motor Co announced a loss in its third quarter of the year (July-September). The South Korean company stated on Monday that it made a net loss in three months. It missed estimates made by analysts by a big margin.
The company reported a loss of 228.41 million pounds. It remained far from the reality of the estimate 1 trillion won profit on an average made by some experts.
Interestingly, Kia and Hyundai had stated the last week that earnings of third-quarter would exhibit quality-related expenses. It would combine to 3.36 trillion won.
Moreover, the company said on Monday that it had made an operating loss of 314 billion won. However, its revenue hiked to 27.6 trillion won, a 2.3 per cent year-on-year gain.
As of 0516 GMT, the shares of the company rose to 4.2 per cent after the news broke out.