AFP, Seoul :
Currency swings and declining China sales took a toll on Hyundai Motor as the South Korean carmaker on Tuesday reported a drop in net profit for the ninth consecutive quarter.
Hyundai-along with its smaller affiliate Kia-forms the world’s fifth largest automaking group.
Net profit for January to March amounted to 1.76 trillion won ($1.52 billion), down 11.6 percent from a year ago, while operating profit also fell 15.5 percent to 1.34 trillion won.
A prolonged slump in global oil prices hurt growth by dampening demand in some emerging markets, the company said in a statement.
A weakening of local currencies in countries such as Russia and Brazil also blunted Hyundai’s price competitiveness, it said.
