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Hyundai Motor Q2 net profit soars, beats estimates

Credit: REUTERS/Jonathan Ernst

South Korea's Hyundai Motor Co reported a more than seven-fold rise in quarterly profit on Thursday, helped by solid demand for high-margin sports-utility vehicles and its premium Genesis cars.

SEOUL, July 22 (Reuters) - South Korea's Hyundai Motor Co 005380.KS reported a more than seven-fold rise in quarterly profit on Thursday, helped by solid demand for high-margin sports-utility vehicles and its premium Genesis cars.

Hyundai, which together with affiliate Kia Corp 000270.KS is among the world's top 10 automakers by sales, reported a net profit of 1.8 trillion Korean won ($1.57 billion) for the April-June period versus 227billion won a year earlier.

That compared with an average analyst forecast of 1.6 trillion won compiled by Refinitiv SmartEstimate.

($1 = 1,149.3500 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Himani Sarkar)

((Heekyong.Yang@thomsonreuters.com;))

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