Belfast Telegraph

Hyundai reports 51% drop in second quarter net profit

Hyundai said its second quarter net income has plunged 51% on a year earlier as sales in China and the US fell sharply.

The South Korean car maker said its net income for the April-June period was 816.9 billion won (£560 million), compared with 1.7 trillion won (£1.15 billion) a year earlier.

The result was worse than expected. Analysts predicted a net profit of 1.4 trillion won (£920 million), according to FactSet, a financial data provider.

Its operating profit sank 24% to 1.3 trillion won (£920 million) during the period, while sales fell 2% to 24.3 trillion won (£16 billion).

The maker of Genesis saw China sales wiped out 64% as consumers in that country shunned Korean cars over Seoul's decision to deploy a US missile defence system.