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Third quarter results for South Korea’s largest car manufacturer, Hyundai Motor, have shown profits at the company dropping by almost 50 per cent.

Higher raw material prices, stronger won and strikes at the company have all contributed to the sharp decline in new profit.

The future looks brighter, however, as with the strike actions now settled and material prices set to return to normal, the company and its affiliate carmaker, Kia Motors, is forecasting a return to form by the fourth quarter.

Hyundai reported a Won282.8 billion net profit Q3 this year, as compared to Won534.9 billion a year ago.

The most recent strike at the company resulted in lost production totalling almost 95,000 vehicles, worth around Won1,300 billion. The strike ended after a month when the company agreed to a 5.1 per cent pay increase.