Hyundai Motor Q2 Profit Hit By Slow Emerging Market Sales
Fahad Shabbir (@FahadShabbir) Published July 26, 2016 | 12:45 PM
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's quarterly net profit has fallen since early 2014 due to slowing sales in China and growing competition in global markets against Japanese rivals benefiting from weaker Yen.
A weakening of local currencies in countries such as Russia and Brazil in recent years also blunted Hyundai's price competitiveness there.
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.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
5 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
5 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
5 hours ago -
European stocks lose momentum after global rally
6 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
7 hours ago -
CEO KP-EZDMC meets CRBC officials
7 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
7 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
8 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
8 hours ago -
Revised UAF budget recommended
8 hours ago -
IDEA, TEVTA organizes Job Fair for youth
8 hours ago -
Massive financial, administrative scam unearthed at SCCI
8 hours ago