Analysts estimated quarterly profit at 2.64 trillion won, according to Jonhap. One-time costs associated with the sale of the Russian factory and unfavorable exchange rate developments had a negative impact on the companies’ economic results, Reuters reported.

“Hyundai Motor anticipates that the business environment will continue to be difficult to predict,” the company said today. In December, the automaker announced that it would post an extraordinary loss of 287 billion won in connection with the sale of its Russian factory.

Last year, the company increased sales by seven percent to 4.22 million cars. This year, it expects sales to increase by 0.6 percent to 4.24 million cars.

With its sister company Kia Motors, Hyundai is the world’s third-largest carmaker by sales volume, behind rivals Toyota and Volkswagen. In November 2008, the Hyundai automobile company officially started mass production of passenger cars in Nošovice in Frýdecko-Místek, while Kia started mass production of passenger cars near Žilina in Slovakia in December 2007.