Hyundai Motor net profit up 10.4% on foreign sales

South Korea's largest carmaker Hyundai Motor said Thursday its second-quarter net profit rose 10.4 percent from a year earlier thanks to strong overseas sales. Consolidated net profit was 2.55 trillion won ($2.22 billion) in April-June, compared with 2.3 trillion won a year earlier, the company said. Sales rose 9.2 percent year-on-year to 21.94 trillion won and operating profit climbed 18 percent to 2.5 trillion won. Favourable exchange rates absorbed the impact of sluggish domestic sales, the company said, adding it also benefited from higher product prices and lower steel costs. Total first-half sales rose 11.5 percent from a year earlier to 2.18 million units, or 51 percent of its annual target of 4.29 million. First-half domestic sales declined 4.6 percent to 327,963 but overseas sales were up 14.9 percent at 1.85 million. Hyundai predicted steady growth in the second half thanks to robust overseas sales, especially in the United States and Europe.