Hyundai Motor Q2 net dips 24 percent

Hyundai Motor Co., South Korea's largest automaker, said Thursday its second-quarter net profit plunged 23.8 percent from a year earlier, affected by the weak euro and intensifying competition at home and abroad.

Net profit came to 1.79 trillion won ($1.55 billion) during the April-June period, compared with 2.35 trillion won a year earlier, the company said in a regulatory filing.

Operating profit also dropped 16.1 percent on-year to 1.75 trillion won over the cited period, while sales inched up 0.3 percent to 22.82 trillion won, the company said.

The second-quarter net was in line with the median estimate of 1.79 trillion won in a poll of 21 brokerages conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. Operating profit was below the consensus estimated at 1.78 trillion won.

Hyundai Motor shares traded 6.49 percent higher at 139,500 won as of 2:02 p.m. on the Seoul bourse. (Yonhap)