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SEOUL, July 26 (Reuters) - Hyundai Motor posted a 51 percent drop in net profit for the April-to-June period, missing analysts’ estimates, as political headwinds hit sales in China and U.S. sales decelerated.
Hyundai Motor, which together with affiliate Kia Motors is the world’s fifth-biggest automaker, on Wednesday reported a second-quarter net profit of 817 billion won ($729.14 million), versus 1.66 trillion won a year ago and analysts’ consensus forecast of 1.35 trillion won.
Hyundai posted an operating profit of 1.34 trillion won and sales of 24.3 trillion won for the quarter. ($1 = 1,120.5000 won) (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)