Salem Radio Network News Sunday, August 1, 2021

Business

Hyundai Motor second-quarter net profit soars, beats estimates

SEOUL (Reuters) – South Korea’s Hyundai Motor Co reported a more than seven-fold rise in quarterly profit on Thursday, helped by solid demand for high-margin sports-utility vehicles and its premium Genesis cars.

Hyundai, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 1.8 trillion Korean won ($1.57 billion) for the April-June period versus 227 billion won a year earlier.

That compared with an average analyst forecast of 1.6 trillion won compiled by Refinitiv SmartEstimate.

($1 = 1,149.3500 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Himani Sarkar)

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