Hyundai Motor Q1 Results: Profit drops 2.4%, beats forecasts

South Korea's Hyundai Motor Co reported on Thursday a drop of 2.4% in first-quarter profit, beating analysts forecasts, helped by solid sales of high-margin cars, while a cheaper domestic currency boosted repatriated earnings.

The world's No.3 automaker by sales along with affiliate Kia Corp reported net profit of 3.2 trillion won ($2.32 billion) for the January-March period, down from 3.3 trillion won a year earlier.

That compared with an average forecast of 3.0 trillion won by LSEG SmartEstimate. ($1=1,376.4100 won)