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Hyundai Motor Q2 profit slips 6.5 pct as firmer won, U.S. discounts hurt
July 24, 2014 / 5:15 AM / 3 years ago

Hyundai Motor Q2 profit slips 6.5 pct as firmer won, U.S. discounts hurt

SEOUL, July 24 (Reuters) - South Korea’s Hyundai Motor said its second-quarter net profit fell 6.5 percent, as the local currency’s sharp gain versus the dollar and higher U.S. incentives overshadowed solid vehicle sales in China and at home.

Hyundai Motor, the world’s fifth-biggest automaker combined with affiliate Kia Motors, on Thursday reported a 2.24 trillion Korean won ($2.18 billion) net profit for April to June, compared with a net profit of 2.40 trillion won a year earlier. That was lower than a consensus forecast of 2.33 trillion won compiled from 16 analysts polled by Reuters.

Shares in Hyundai Motor have fallen 5 percent this year as of Wednesday, compared with a broader Seoul market rise of 1 percent.

$1 = 1029.1000 Korean Won Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell

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