Hyundai Motor's third quarter operating profit has plunged nearly 80 percent year-on-year.

The carmaker on Thursday announced third quarter sales of 24-point-four trillion won and operating profits of 288-point-nine billion won.

Sales have increased one percent from the same quarter last year but operating profit has nosedived 76 percent.

The operating profit to sales ratio has also dropped to one-point-two percent from five percent in last year's third quarter.

The quarterly operating profit in the 200 billion won range is far below market expectations. Securities firms had expected Hyundai to post over 800 billion won.

A sharp plunge in operating profits despite a rise in sales is due to lower profitability.