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Automobiles

Hyundai posts $278m 3Q operating loss on engine-related provisions

South Korean carmaker vows quality control after heir takes over as chairman

The Hyundai Motor Studio in Goyang, South Korea. The company said it would work to "prevent quality issues from repeating."   © Reuters

SEOUL -- Hyundai Motor, South Korea's largest automaker, reported a third-quarter operating loss as it preemptively set aside funds to cover costs related to faulty engines in some older models.

The company said on Monday that it posted 313.8 billion won ($277.8 million) in red ink on an operating basis for the July-September period from an operating profit of 378.5 billion won in the same quarter a year earlier. Hyundai recorded a net loss of 188.8 billion won for the period, compared with a 460.5 billion won net profit. Its revenue rose 2.3% to 27.6 trillion won.

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