Hyundai posts 71 pc rise in Q2 net profit

Jul 29, 2010 |

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Seoul, July 29: South Korea's Hyundai Motor Thursday reported a 71 percent rise in second-quarter net profit as exports to emerging markets and improved utilisation rates offset lower domestic demand and the stronger won.

"A sharp increase in shareholding gains from affiliates, including key affiliate Kia Motors, also boosted the second-quarter bottom line," the country's biggest carmaker said in a statement.

Net profit for April-June rose to 1.39 trillion won (1.16 billion dollars) from 811.9 billion won a year earlier, the company said.

Operating profit rose 31 percent to 863.3 billion won in the second quarter from 657 billion, while revenue was up 18 percent to 9.56 trillion won from 8.08 trillion.

The dollar was down almost 10 percent against the won in the second quarter compared with a year earlier. This hit profits for exporters such as Hyundai when dollar-denominated overseas sales were converted into local currency.

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