Strikes help drive down Hyundai profit

Citing high warranty provisions and decreased production from labor strikes, Hyundai Motor Co. posts a 38% third-quarter net profit drop to 264.8 billion won, a 71% drop in operating profit to 104.5 billion won, and a decrease in sales of 15% to 6.05 trillion won. The company expects to meet its full-year sales target of 33.6 trillion won, and an operating profit margin of 6.5%. On Thursday, Hyundai's shares rose 1.2% to 50,700 won.