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Hyundai Motor's net profit down by 14pct in Q2 2018

Auto News - Published on Mon, 30 Jul 2018

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Hyundai Motor Co. said that its net profit for the Q2 fell 14pct over a year earlier due to the South Korean won's strength against the US dollar. South Korea's largest automaker said that its April-June net income was KRW 701 billion, compared with KRW 817 billion a year earlier. According to financial data provider FactSet, it was lower than the analyst consensus of KRW 897 billion.

Sales inched up 2 percent over a year earlier to KRW 24.7 trillion but operating profit sank 29 percent to KRW 951 billion.

Hyundai Motors's profit fell despite it having sold more vehicles. That is because its overseas profit repatriated to South Korea shrank due to the cheaper U.S. dollar.

In April-June, car sales rose 11 percent over a year earlier to 1.2 million units. For the first half of this year, sales rose 4.5 percent to 2.2 million units.

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Posted By : Rabi Wangkhem on Mon, 30 Jul 2018
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