Dhaka, April 23 -- South Korea's Hyundai Motor said on Thursday first-quarter (Q1) net profit slumped 44 per cent to its lowest level for the quarter in a decade as the spreading coronavirus outbreak hit demand for cars worldwide.
Net profit for January-March was 463 billion won ($376 million), far below an average Refinitiv estimate of 607 billion won drawn from 15 analysts, reports Reuters.
At the pandemic prompted governments to order lockdowns and other social distancing measures, consumer demand began tumbling in January - first in China, then in South Korea and from March in Europe and the United States.
Operating profit dropped 5 per cent to 864 billion won from the same period a year earlier on an 6 per cent slide in revenue.
Hy...