Hyundai ups profit on overseas sales

Seoul - South Korea's largest carmaker Hyundai Motor said on Thursday its second-quarter net profit rose 10.4% from a year earlier thanks to strong overseas sales.

Consolidated net profit was 2.55 trillion won in April-June, compared with 2.3 trillion won a year earlier, the company said.

Sales rose 9.2% year-on-year to 21.94 trillion won and operating profit climbed 18% to 2.5 trillion won.

Favourable exchange rates absorbed the impact of sluggish domestic sales, the company said, adding it also benefited from higher product prices and lower steel costs.

Total first-half sales rose 11.5% from a year earlier to 2.18 million units, or 51% of its annual target of 4.29 million.

First-half domestic sales declined 4.6% to 327 963 but overseas sales were up 14.9% at 1.85 million.

Hyundai predicted steady growth in the second half thanks to robust overseas sales, especially in the United States and Europe.