Hyundai posted a record net profit of 811.9 billion won ($649.9 million) in the second quarter, beating analyst’s expectations. Operating profit for the second quarter came in at 657.3 billion won, above a forecast for a 496.5 billion won. The company’s operating profit margin was 8 percent, its highest level in 5 years.
The Korean automaker expects overall sales to increase 8 percent this year and its U.S. market share to grow further in the second half.
Of course, analysts are questioning whether or not Hyundai can replicate this record quarter as the global economy continues to struggle and the won edges higher and automakers rely on government stimulus packages to boost demand.
– By: Stephen Calogera