Hyundai’s long slog looks far from over as it posts 14th quarter of falling profit
Seoul — Hyundai’s bleak results stretched into a 14th straight quarter as political headwinds continued to drag down sales in China, its biggest market, and higher incentives failed to boost business in the US. The South Korean firm — which together with affiliate Kia Motors is the world’s number five car maker — has been betting on a gradual earnings recovery, but the plan has hit a roadblock as China’s backlash over Seoul’s decision to deploy an anti-missile system shows no signs of abating. For the second quarter ended June, Hyundai Motor reported a net profit of 817-billion won ($729.14m), down 51% from a year ago — the 14th such decline in a row. Analysts on average had expected 1.35-trillion won. Its operating profit came in at 1.34-trillion won and sales at 24.31-trillion won. Its Chinese retail sales slumped 29% in the first half of 2017 as it continued to struggle with its heavy reliance on sedans while customers in the world’s biggest vehicle market increasingly opt for sp...
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