Hyundai Glovis Co., the logistics unit of South Korean auto giant Hyundai Motor Group, said Wednesday that its third-quarter net profit plunged 82.3 percent on-year amid overall sluggish demand in the auto market.

Net profit came to 15.69 billion won ($13.81 million) during the July-September period, down from the previous year's 88.51 billion won, the company said in a regulatory filing.

Operating profit grew 13.4 percent on-year to 178.45 billion won during the third quarter, and sales expanded 9.7 percent to 3.86 trillion won.

Shares of Hyundai Glovis traded at 211,500 won as of 10:45 a.m., down 9.42 percent from the previous day.

In a separate regulatory filing, Hyundai Glovis said that it will spend 334.75 billion won on four vehicle-carrying ships.

It also announced car-carrying contracts with Hyundai Motor Co. and Kia Motors Corp., estimated at 738.81 billion won and 633.77 billion won, respectively. (Yonhap)