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Hyundai Sales Up, Profits Down
Hyundai Motor Co. reports its wholesales jumped 11% to 1.19 million units in April-June, and revenue advanced 2% to 24.7 trillion won ($22 billion).
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Hyundai Motor Co. reports its unit wholesales jumped 11% to 1.19 million units in April-June, and revenue advanced 2% to 24.7 trillion won ($22 billion), according to preliminary results.
But the company says its operating profit for the second quarter plunged 24% to 951 billion won ($850 million). Net profit shrank 11% to 811 billion won ($725 million).
Hyundai credits the quarterly sales increase to the success of its new or remodeled SUVs. The carmaker, whose first-half net income plunged 37%, made no forecast for the full year. But it cautions that it expects a “tough” business environment in the second half.
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