South Korea’s largest automaker Hyundai Motor Thursday reported its highest-ever quarterly net profit despite the global economic downturn.
Hyundai said net profit in April-June was 811.8 billion won (648.4 million dollars), a 48 percent rise on 546.9 billion won for the same period in 2008.
Operating profit fell 0.8 percent year-on-year to 657.3 billion won from 662.5 billion, due to higher marketing costs and lower exports due to the global recession.
Declining exports also dragged sales down 11 percent to 8.08 trillion won from 9.107 trillion.
The record net figure was aided by shareholding gains from affiliates in China and India and tax incentives that boosted sales at home.
Hyundai’s domestic sales rose 15 percent year-on-year to 63,718 in May and 55 percent to 74,685 in June thanks to the tax breaks.
The company, which had 51 percent of the domestic automobile market in the first half, is targeting 52 percent in the second half by focusing on sales of new models such as the midsize YF Sonata sedan.
