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Hyundai Motor sees won's strength persisting in second half - CFO
July 24, 2014 / 5:45 AM / 3 years ago

Hyundai Motor sees won's strength persisting in second half - CFO

SEOUL, July 24 (Reuters) - South Korean automaker Hyundai Motor said it expects the local currency to remain strong against the dollar in the second half of this year after reporting its second-quarter earnings were hit by the won’s rise versus the dollar.

“We do not have a positive outlook for the exchange rate in the second half,” Chief Financial Officer Lee Won-hee said in a conference call on Thursday after the company released its results.

Hyundai Motor, the world’s fifth-biggest automaker combined with affiliate Kia Motors, said its second-quarter net profit fell 6.5 percent, hurt by the local currency’s sharp gain versus the dollar and higher U.S. sales discounts. (Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell)

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