UPDATE 4-Hyundai Q1 profit disappoints, U.S. margins squeezed

Newswire

(Adds fund manager comment, closing share price) By Kim Kyoung-wha SEOUL, April 29 (Reuters) - Hyundai Motor Co, South Korea's top auto maker, reported an 11 percent rise in quarterly net profit on Thursday, but heavy discounts to sell an ageing U.S. model lineup hit operating profits and disappointed investors. Hyundai shares fell more than five percent after it reported operating profit fell 27 percent because of a squeeze on U.S. margins and higher steel costs. Net profit was higher ...

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