AFP, Seoul: South Korea’s biggest automaker Hyundai saw profits slump last year, it said yesterday, as it was battered by tougher competition and Chinese retaliation over the deployment of a US missile system. Hyundai Motor’s 2017 net profit plunged 20.5 per cent year-on-year to 4.55 trillion won ($4.28 billion), even though sales grew 2.9 per cent to 96.3 trillion. Full-year operating profit fell 11.9 per cent to 4.57 trillion won.

“The strong won, tougher competition with rivals in major markets such as China and increased marketing costs hit the bottom line,” the company said in a statement. Beijing imposed measures against several South Korean companies follow Seoul’s installation of the US Terminal High-Altitude Area Defense (THAAD) system, which China says is against its interests.