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Hyundai Motor Q2 net profit jumps 37.3%

SEOUL, July 28, 2011 (AFP) – South Korea’s Hyundai Motor said Thursday its second-quarter net profit rose 37.3 percent year on year, helped by brisk sales of fuel-efficient vehicles abroad and stronger contributions from affiliates.

Net profit stood at 2.3 trillion won ($2.18 billion) in the April-June period, compared with 1.68 trillion won a year earlier.

Sales rose 19.1 percent to 20.09 trillion won while operating profit rose 21.7 percent to 2.12 trillion won.

All figures are consolidated, including results from domestic and overseas affiliates.

The company sold 1.03 million cars in the three-month period, up 12.7 percent from the second quarter of 2010.

Analysts said there was a one-off gain from an initial public offering by Hyundai’s affiliate Korea Aerospace Industries.

The company also benefited from production disruptions at Japanese firms but would face challenges due to their rapid recovery, they said.

Hyundai and Kia together form the world’s fifth-largest carmaking group by sales. (Dow Jones Newswires contributed to this report) ■

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