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Hyundai Motor first-quarter net profit halves, misses estimates

Reuters
A Hyundai Motor's booth is seen near the Pyeongchang Olympic Plaza in Pyeongchang, South Korea, February 11, 2018. REUTERS/Kim Hong-Ji (Reuters)

SEOUL (Reuters) - South Korea's Hyundai Motor said on Thursday that its first-quarter net profit had halved from a year ago, falling significantly short of estimates, as a persistent weakness in U.S. and China sales offset stronger business at home.

Hyundai, which together with affiliate Kia Motors is the world's No.5 automaker, reported a quarterly net profit of 668 billion won ($619.15 million), versus 1.3 trillion won a year ago.

Analysts polled by Thomson Reuters I/B/E/S had on average expected a net profit of 1 trillion won.

Hyundai posted an operating profit of 681 billion won and sales of 22.44 trillion won for the January-to-March quarter.

($1 = 1,078.9000 won)

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)