Hyundai Motor's net profit down 14 percent on strong won

July 26, 2018 - 1:40 am

SEOUL, South Korea (AP) — Hyundai Motor Co. says its net profit for the second quarter has fallen 14 percent over a year earlier due to the South Korean won's strength against the U.S. dollar.

South Korea's largest automaker said Thursday its April-June net income was 701 billion won ($626 million), compared with 817 billion won a year earlier.

It was lower than the analyst consensus of 897 billion won, according to financial data provider FactSet.

Hyundai Motors's profit fell despite it having sold more vehicles.

In April-June, car sales rose 11 percent over a year earlier to 1.2 million units. Sales rose overseas, except in China, helped by new SUV models such as the Kona.

Hyundai cited global trade tensions as a key source of uncertainty that could dent auto demand, if prolonged.

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