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Markets News

Hyundai Motor Q2 profit slumps 75% as global demand falls

SEOUL, July 23 (Reuters) - South Korea’s Hyundai Motor Co said on Thursday second-quarter profit slumped 75% from a year earlier, missing analyst estimates, as weak global demand due to the COVID-19 pandemic overshadowed solid sales of higher-end models at home.

Net profit for April-June fell to 227 billion won ($189.53 million) from 919 billion won in the same period a year earlier. That compared with the 275 billion won average of 16 analyst estimates compiled by Refinitiv. ($1 = 1,197.6800 won) (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Christopher Cushing)

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