Hyundai’s Q2 operating profit up 50%
South Korea's Hyundai Motor Co on Monday posted its steepest quarterly net profit gain in over seven years, as a weaker local currency helped lift U.S. income, while new models boosted domestic sales.
The company posted its steepest quarterly net profit gain in over seven years
Stocks impacted: Hyundai Motor Co (005380)
A 5.5% drop in the value of the won versus the U.S. dollar this year, which was the steepest decline among Asian currencies, made South Korean exports more price competitive overseas. New models such as the Palisade SUV and Sonata sedan helped sales jump 8.1%. The company reported a 50.1 percent jump in operating profit for the second quarter versus the previous quarter. Net profit gained 4.8 percent on quarter and 23.3 percent on year in the April-June period while sales jumped 12.4 percent and 9.1 percent during the same period. The company’s profit ratio improved 0.8 percentage point on-year to 4.6 percent. Shares of Hyundai Motor finished 1.12 percent lower on Monday but managed to pare losses after the earnings announcement.
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