Hyundai Motor second-quarter net profit soars 71 percent to record high $1.2 billion

Hyundai Motor 2Q net profit soars to record $1.2B

SEOUL, South Korea — Hyundai Motor says net profit soared 71 percent in the second quarter to a record high as sales rose.

Hyundai said Thursday it earned 1.39 trillion won ($1.2 billion) in the three months ended June 30. The company earned 811.9 billion won the same period last year.

The second-quarter result exceeded the company’s previous all-time high net profit of 1.13 trillion won set in the first quarter of this year.

Hyundai said sales during the second quarter rose 18.3 percent to 9.56 trillion won from 8.08 trillion won a year earlier.

Hyundai Motor Co. and affiliate Kia Motors Corp. form the world’s fifth-largest automotive group.