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Hyundai’s Profits Fall Again
Hyundai Motor Co. says its net income, including its Kia Motors Corp. affiliate, declined 3% to 1.66 trillion won ($1.5 billion) in the fiscal quarter ended June 30.
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Hyundai Motor Co. says its net income, including its Kia Motors Corp. affiliate, declined 3% to 1.66 trillion won ($1.5 billion) in the second quarter of 2016.
It was the company’s 10th consecutive quarter of declining profits, following an 11% drop in January-March. Revenue for the period gained 8% to 24.7 trillion won ($21.7 billion). Operating profits rose 1% to 1.76 trillion won ($1.6 billion).
The company’s sales are being hurt by a global shift from cars to crossover vehicles, which has hurt demand for Hyundai-Kia’s sedan-heavy product lineup.
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