Hyundai Motor Q2 profit up 10%, meets market forecasts
South Korea's Hyundai Motor posted a 10% rise in quarterly net profit, meeting market forecasts, as it produced strong global sales in the face of sluggish markets in Europe and China.autos Updated: Jul 26, 2012 12:39 IST
South Korea's Hyundai Motor posted a 10% rise in quarterly net profit, meeting market forecasts, as it produced strong global sales in the face of sluggish markets in Europe and China.
Hyundai, the world's fifth-biggest car maker along with affiliate Kia Motors, reported on Thursday a 2.55 trillion Korean won ($2.22 billion) net profit for the April to June quarter, compared with an average forecast of 2.52 trillion won, according to Reuters's poll of 14 analysts.
That was up from a 2.31 trillion won net profit a year ago and up from 2.45 trillion won in the first quarter.
This marks Hyundai Motor's 13th straight quarter of rising profits, as the company, led by founding family member Chung Mong-koo, outperformed peers struggling with the global economic downturn.
Hyundai has offered stylish, affordable, feature-rich vehicles in the United States and other markets, helped by a weaker won against the dollar this year and South Korea's free trade deal with Europe.
But concerns about the global economy and labour tension over an annual wage deal have pulled down Hyundai Motor shares by about 18 percent since May. ($1 = 1151.0000 Korean won)