Hyundai Motor reports 12 percent fall in 1Q earnings

People walk under a billboard advertising Hyundai Motor Co.'s Genesis in Seoul, South Korea, Tuesday, April 26, 2016. Hyundai Motor Co. says its first-quarter net profit has dropped 12 percent over a year earlier as global sales declined. (AP Photo/Ahn Young-joon) (The Associated Press)

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The logo of Hyundai Motor Co. is seen on a vehicle displayed at the company's showroom in Seoul, South Korea, Tuesday, April 26, 2016. Hyundai Motor Co. says its first-quarter net profit has dropped 12 percent over a year earlier as global sales declined.(AP Photo/Ahn Young-joon) (The Associated Press)

An employee of Hyundai Motor Co. walks by vehicles displayed at the company's showroom in Seoul, South Korea, Tuesday, April 26, 2016. Hyundai Motor Co. says its first-quarter net profit has dropped 12 percent over a year earlier as global sales declined.(AP Photo/Ahn Young-joon) (The Associated Press)

SEOUL, South Korea – Hyundai Motor Co. says its first-quarter net profit has dropped 12 percent over a year earlier as global sales declined.

South Korea's largest automaker said on Tuesday its January-March net income was 1.7 trillion won ($1.5 billion), compared with 1.91 trillion won a year earlier.

The results were better than expected: Analysts expected 1.53 trillion won according to FactSet, a financial data provider.

Sales rose 7 percent while operating profit dropped 16 percent. The maker of the Genesis and Sonata sedans has seen its operating income fall year-on-year in the past seven quarters.

During the first three months of this year, Hyundai's vehicle sales were hit by a decline in exports and lower sales in emerging markets like China, Russia and Brazil.