Hyundai Posts 37% Rise in Q2 Net Profits

Hyundai recently posted a rise of 37% in their net quarterly profits, after it logged in its global sales of vehicles and increased market share following its rival Japanese companies reeling from the natural disaster on March 11.

Hyundai, which is the fifth biggest car manufacturer in the world, along with Kia Motors, its affiliate, reported a net profit of 2.3 trillion won or $2.2bn, for the quarter of April to June. This is a growth of 1.7 trillion won in comparison to a year before, and 1.9 trillion won in Q1.

According to reports, the South Korean auto company has been recording earning based on consolidation for reflecting its affiliate’s earnings as well, which includes fiscal operations from the new accounting rules. According to the company, their market share in US increased to 5.5% in Q2, from the corresponding quarter last year, when its market share stood at 4.7%, driven largely by the sales of the Elantra compact car, and the Sonata sedan, whereas its Japanese auto rivals suffered disruptions in production. The company recently raised their sales target in US by 6% to 624,000 models for this fiscal year.

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