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Hyundai Motor second-quarter profit down 51 percent year-on-year, China, U.S. sales sag

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Hyundai Motor second-quarter profit down 51 percent year-on-year, China, U.S. sales sag

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SEOUL (Reuters) – Hyundai Motor <005380.KS> posted a 51 percent drop in net profit for the April-to-June period, missing analysts’ estimates, as political headwinds hit sales in China and U.S. sales decelerated. Hyundai Motor, which together with affiliate Kia Motors <000270.KS> is the world’s fifth-biggest automaker, on Wednesday reported a second-quarter net profit of 817 billion won ($729.14 million), versus 1.66 trillion won a year ago and analysts’ consensus forecast of 1.35 trillion won. Hyundai posted an operating profit of 1.34 trillion won and sales of 24.3 trillion won for the quarter.

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)
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