Hyundai Motor Co. has reported a 12 percent drop in its first-quarter net profit as lower sales in China, Russia and Brazil outweighed higher vehicle shipments at home and favorable foreign exchange rates.
South Korea's largest automaker said its January-March net income was 1.7 trillion won ($1.5 billion), compared with 1.91 trillion won a year earlier.
The results were better than expected: Analysts expected 1.53 trillion won, according to FactSet, a financial data provider.
But the company reported a year-over-year earnings drop for a ninth consecutive quarter.
The company blamed weak demand in emerging markets and oil-exporting countries. But the results...