Hyundai Motor Q2 Profit Hit By Slow Emerging Market Sales
SEOUL, (UrduPoint / Pakistan Point News - 26th july,2016) - Currency swings and slumping sales in emerging markets took a further toll on South Korea's Hyundai Motor, which reported Tuesday a drop in net profit for the 10th consecutive quarter. Hyundai -- along with its smaller affiliate Kia -- forms the world's fifth-largest automaking group. Net profit for April-June amounted to 1.76 trillion won ($1.55 billion), down 1.5 percent from a year ago, while operating profit inched up 0.6 percent to 1.76 trillion won, Hyundai said in a statement.
The firm said it had sold 2.39 million cars in the first half of this year, down 1.0 percent from a year ago, and warned of more challenges ahead including fallouts from Britain's shock exit from the EU.