(MENAFN) Hyundai Motor Corp. announced posting a sharp drop of its fourth-quarter profits by more than 20 percent on a strong won and a weak yen, Arab News reported.
South Korea's largest automaker said in a statement that its net profit for the October-December period dipped by 22.2 percent over the same period a year ago to reach USD1.51 billion.
Meanwhile, operating profits also decreased by 7.6 percent in comparison with the corresponding period a year earlier, hitting USD1.74 billion, while sales surged 7.5 percent to USD21.86 billion.
The automaker has struggled recently as a strong won and a weak yen has eroded its price competitiveness against Japanese rivals in overseas markets. The won hit its highest level against yen in 2014.
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