Hyundai Rotem, the defense and railway subsidiary of Hyundai Motor Group, reports a 10.3% year-on-year drop in third-quarter net profit. For the July–September period, net profit falls to 177.98 billion won (about $133.9 million), while operating profit declines 11% to 247.1 billion won. Sales rise marginally by 0.1% to 1.62 trillion won.
For the first nine months of the year, the company says cumulative sales increase 11.2% to 4.68 trillion won, but operating profit decreases 4.7% to 703.7 billion won. Hyundai Rotem also reports its order backlog at 29.14 trillion won at the end of September, down 1.26 trillion won from three months earlier. Separately, it says it plans to acquire Hyundai Wia’s defense business for 358.4 billion won, aimed at strengthening weapons production and supporting overseas sales of its K2 tanks.
