SEOUL (Reuters) - South Korean automaker Hyundai Motor (KS:005380) said on Tuesday its second-quarter net profit fell 3 percent, its 10th straight quarterly drop, as it soaked up stiff competition and shrinking demand for its mainstay sedans in the United States and at home.
Hyundai, the world's fifth-biggest automaker together with affiliate Kia Motors (KS:000270), said April-June net profit slipped to 1.66 trillion won (1.1 billion pounds) from 1.70 trillion won a year earlier. That was just below a consensus forecast of 1.67 trillion won from a Reuters' poll of 19 analysts.
The automaker said revenue rose 8 percent from the same period a year ago to 24.68 trillion won, while operating profit inched up 0.6 percent to 1.76 trillion won during the period.