Hyundai Motor Q2 profit down 51pc

Hyundai Motor posted a 51 per cent drop in net profit for the April-to-June period, missing analysts' estimates, as political headwinds hit sales in China and US sales decelerated.

The South Korean multinational automotive manufacturer company, which together with affiliate Kia Motors 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, reports Reuters.