Hyundai Rotem Q3 net down 10.3% to $133.9 mil

Hyundai Rotem, the defense and railway subsidiary of Hyundai Motor Group, said Monday its third-quarter net profit fell about 10 percent from a year earlier. Net profit for the July-September period decreased 10.3 percent to 177.98 billion won ($133.9 million), the company said in a regulatory filing. Operating profit also declined 11 percent on-year to 247.1 billion won, while sales inched up 0.1 percent to 1.62 trillion won. For the first nine months of the year, cumulative sales rose 11.2 percent on-year to 4.68 trillion won, while operating profit fell 4.7 percent to 703.7 billion won. The company's order backlog stood at 29.14 trillion won at the end of September, down 1.26 trillion won from three months earlier. Separately, Hyundai Rotem said it plans to acquire Hyundai Wia's defense business for 358.4 billion won to bolster its weapons production capabilities, a move expected to help boost overseas sales of its flagship K2 tanks.