Hyundai Motor Company has suffered a fall in third quarter profit versus the previous quarter after strikes dented vehicle production.

South Korea's largest car maker said net profit fell 15% from the April-June quarter to 2.16 trillion won ($1.96 billion).

But the results matched forecasts and marked a 13% rise over a year earlier.

The company said its operating profit fell 18% from the second quarter to 2.05 trillion won on revenue of 19.65 trillion won. 

The company blamed reduced output and lower demand in the South Korean market for the quarter to quarter fall. Hyundai's labour union in South Korea staged walkouts in July and August.

Hyundai estimated the union's refusal to work some regular and overnight shifts resulted in lost output of 82,000 vehicles worth $1.5 billion.

The company also predicted that the European car market will shrink by 8% this year. It said that while it thinks global car sales will be up overall by almost 6%, sales in Europe will continue to decline.