Hyundai has posted a big gain in quarterly profit helped by favourable currency movements – especially a weak won versus US dollar – and new models.

Net profit in the second quarter was up 23.3% at 999.3 billion won. For the first half of 2019, Hyundai reported an 8.1% and 26% year-on-year increases in sales revenue and operating profit, respectively, in spite of a continued slowdown in global economic growth.

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The y-o-y gain in revenue is largely attributable to the enhancement in overall product mix with strong SUV sales led by the Palisade and Santa Fe, as well as from currency impact. Hyundai Motor posted revenue of KRW 50.95 trillion in the first half, compared to KRW 47.15 trillion in the same period last year.

Global vehicle sales for Hyundai in H1 totalled 2.13m units, compared with 2.24 million units in the same period in 2018. Hyundai said that total sales in the Korean market amounted to 384,113 units in the first half, increasing 8.4 percent y-o-y, led by strong sales of SUV models and new cars including the Palisade and Kona, and the new Sonata, one of Hyundai's best-selling sedans introduced in March.

The company reported an operating profit of KRW 2.06 trillion for the first half, which represents a 26% increase over the KRW 1.63 trillion achieved a year earlier. The surge was driven by improved product mix with new SUV models, meeting solid demand for SUVs in major markets – including the US.

First half net profit (including minority interest) totalled KRW 1.95 trillion, compared to KRW 1.54 trillion a year earlier.

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Hyundai Motor said it plans to tackle business uncertainties arising from the sluggish global economic growth, by strengthening its line-up with new models in Korea and other major markets. Hyundai says it will be able to offer a greater variety of SUV models, with the new entry SUV Venue introduced in July and Genesis brand's first ever SUV model awaiting global rollouts in the second half of this year.

The company also said it will further streamline production, sales and other capabilities in its regional headquarters to better tailor products and services to the needs of different markets, while prioritising customer value and engaging in 'proactive communication with markets'.