Seoul  - South Korean automaker Hyundai Motor Co said Thursday that its net profit for the third quarter had more than tripled and hit a record.

Its profit rose to 979.1 billion won (827 million dollars) from 264.8 billion won in the same period last year, beating market expectations.

As sales in the automotive industry have dived because of the world economic crisis, Hyundai, South Korea's leading automaker and the world's fourth-largest, profited from the weakness of the won, which made its cars more competitive abroad.

Tax incentives in South Korea and government programmes around the world to promote car sales also contributed to its performance.

In the fourth quarter, however, Hyundai said it expects a more difficult environment because of higher oil prices, higher interest rates and a strengthening won.

The company said it plans to increase its share of the world market by introducing new models and at the same time push ahead with a cost-cutting programme. (dpa)