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Last Updated: Wednesday, 2 May 2007, 06:16 GMT 07:16 UK
Battered Hyundai sees profit fall
Hyundai factory in Ulsan, South Korea
Hyundai has faced worker unrest
South Korean carmaker Hyundai has seen a further fall in profits, amid weaker sales and industrial action by workers.

The world's sixth-largest car firm said net profits fell to 307.4bn won ($329m; 165m) in the three months to the end of March, from 342.39bn won a year ago.

Hyundai said higher raw material costs and the continuing strength of the won currency added to the firm's problems.

The earnings setback follows the jailing of Hyundai chairman Chung Mong-koo on embezzlement charges.

Mr Chung was sentenced to three years in jail in February after being accused of amassing a multi-million dollar slush fund for personal use and to pay lobbyists and politicians.

Hyundai said sales fell 2.6% to 6.684 trillion won during the first quarter, although the firm said it expected to see sales improve later this year on increased demand in its home market.

Hyundai workers have been involved in a series of stoppages in an ongoing row over pay.


SEE ALSO
Hyundai's boss gets three years
05 Feb 07 |  Business
Jail demand for Hyundai chairman
16 Jan 07 |  Business
Currency woes hit Hyundai profits
07 Aug 06 |  Business
Hyundai workers walk out over pay
26 Jun 06 |  Business
Hyundai chairman Chung indicted
16 May 06 |  Business
Hyundai boss arrested in S Korea
28 Apr 06 |  Business

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