Hyundai Motor Company has posted a record quarterly net profit up 48% year on year to 811.8bn won (US$648.4m dollars).
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Quarterly operating profit fell 0.8% to 657.3bn won due to higher marketing costs and lower exports due to the global recession as falling exports also dragged sales down 11% to 8.08 trillion won from 9.107 trillion.
Hyundai said net profit rose 10.4% to 1,036.8bn won in the first six months of the year as sales declined 18.5% to 14.1 trillion and operating profit fell 31.9% to 811bn won as exports from Korea declined and the company increased marketing expenses to raise brand awareness and improve foreign dealers.
The record net Q2 figure was helped by shareholding gains from affiliates in China and India and tax incentives that boosted sales at home.
Hyundai sold 1,403,931 units in the first half, building 719,478 units in Korea and 684,453 overseas but this was off 5.8% year on year.
It claimed 5% global market share in the first half of this year for the first time, amid a 15% decline in demand year on year.
Hyundai sales in China surged 56% to 257,000 units in the first half, helped mainly by its China-exclusive models.
It will launch new Sonata and Tucson models in the second half.
