Hyundai Motor’s Q2 operating profit tumbles

Seoul, July 23 (IANS) Hyundai Motor’s second-quarter operating profit tumbled 16.1 percent compared with the previous three-month period, the company said on Thursday.

Operating profit reduced to 1.75 trillion won ($1.5 billion) in the second quarter on a quarterly basis. It was roughly in line with market expectations, marking the profit reduction for five straight quarters, reported Xinhua.

Revenue rose 0.3 percent from a year earlier to 22.82 trillion won in the second quarter, but net profit plunged 24 percent to 1.79 trillion won.

Global auto sales fell 2.8 percent to 1,232,943 in the cited period as competition got fiercer amid the weakness of the Japanese yen and other emerging currencies.

For the first six months of this year, Hyundai posted an operating profit of 3.34 trillion won on 43.76 trillion won of revenue. Those were falls of 1.4 percent and 17.1 percent each on a yearly basis.

Hyundai sold 2,415,777 vehicles in the first half, down 3.2 percent from a year earlier.

Domestic car sales declined 3 percent to 335,364 units, with overseas auto sales falling 3.2 percent to 2,080,413 units.

 

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