Hyundai Motor Co., the world's sixth-largest automaker, said Thursday that its net profit fell for the fourth straight quarter amid strength in the South Korean won and production losses due to strikes.
South Korea's No. 1 automaker said its net profit in the three months through December fell 22 percent to 537.2 billion won ($574 million).
"Mostly, the high won eroded our profitability," said Hyundai spokesman Jake Jang, who added that expensive prices for raw materials like steel and equity losses from its investment in affiliate Kia Motors Corp. also played a role.
Hyundai also suffered partial strikes and work slowdowns during the quarter, when its walkout-prone labor union laid down tools in solidarity with other workers over issues such as opposition to a proposed free trade agreement between South Korea and the United States.
The company said that a total of 11 days of strikes during the quarter cost it 15,414 vehicles in lost production worth about 226.3 billion won ($242 million) in sales.
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