Hyundai Motor Q4 profit falls 17% as discounts weigh.

South Korea’s Hyundai Motor reported on Thursday a 17% fall in fourth-quarter operating profit, declining more than analysts estimated, as it spent more on promotions in a slowing car market.

Hyundai, which together with affiliate Kia is the world’s third-biggest automaker by sales, reported operating profit of 2.8 trillion won ($1.95 billion) for October-December, compared with 3.4 trillion won in the same period a year earlier.

The result was lower than a 3.2 trillion won average of 24 analyst estimates compiled by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate.

Hyundai shares rose 1.4 % after the earnings result.

Source: FINANCE.YAHOO