South Korea auto major, Hyundai Motor has recorded a 10 per cent rise in quarterly net profit, mostly in line with the market expectations.
The company recorded strong global sales even as it recorded low demand in Europe and China. The world's fifth-biggest car maker said that its net profits rose to $2.22 billion during the April to June quarter compared to the same quarter of the previous year.
The company had recorded a net profit of 2.31 trillion won in the same quarter of the previous year. With the rise in profits, the company has marked its 13th straight quarter of rising profits even as the global auto market same slowed demand in certain key markets.
During the previous year, Hyundai befitted from the slowdown in production by its rivals in Japan including Toyota Motor Corp. and Nissan Motor Co. The company expects 2012 vehicle sales to rise 5.7 percent to 4.29 million as its deliveries reached 4.06 million in 2011. Kia Motors, in which Hyundai is the biggest shareholder, is expected to sell 7 million units this year.