SEOUL, July 26 (Reuters) - Hyundai Motor Co posted a 14 percent drop in net profit for the quarter ended June, missing analysts’ estimates by a large margin, underlining a delayed recovery for an automaker dogged by weak sales in China and the United States.
Hyundai, which together with affiliate Kia Motors Corp is the world’s fifth-biggest automaker, on Thursday said second-quarter net profit was 701 billion won ($626.79 million), versus 817 billion won a year prior. Consensus was for 972 billion won, according to 17 estimates by Thomson Reuters I/B/E/S.
Hyundai’s operating profit slumped 29 percent to 951 billion won and sales rose 2 percent to 24.71 trillion won for the quarter. ($1 = 1,118.4000 won) (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)