Seoul, July 21 (UNI) Hyundai Motor said on Thursday that its second-quarter net profit jumped 56 percent from a year earlier on an improved product mix and a weak won. Net profit for the three months ended in June rose to 3.08 trillion won (US$2.34 billion) from 1.98 trillion won during the same period of last year, the company said in a statement. In the six-month period, Hyundai sold a total of 1.88 million vehicles, achieving 43 percent of its sales target of 4.34 million units for the year.
The second-quarter bottom line was buoyed by increased sales of Hyundai’s independent brand Genesis models, decreased incentives and the won’s weakness against the dollar reports Yonhap news agency. The dollar rose to an average of 1,259.57 won in the second quarter from 1,121.23 won a year ago, according to the Bank of Korea. Such factors helped offset the carmaker’s production losses derived from a prolonged chip shortage and disruptions of parts supplies, Hyundai said.
Looking ahead, Hyundai said higher raw materials prices resulting from the Russia-Ukraine war, a resurgence of the Covid-19 pandemic, and inflation amid rising interest rates will remain uncertainties for the automobile industry. Operating profit soared 58 percent to 2.98 trillion won in the June quarter from 1.89 trillion won a year ago. Sales were up 19 percent to 35.99 trillion won from 30.33 trillion won.
