Hyundai posts record Q2 profit

Hyundai Motor Co. said Thursday its second quarter net profit rose 48% to 812 billion won ($650 million) from 547 billion won a year earlier, boosted by a weaker local currency and domestic tax incentives for auto purchases. The result was above the average forecast of 405.8 billion in a survey by Dow Jones Newswires, which added that the quarterly profit was the highest ever for the South Korean auto maker. Sales for the three months ended June 30 totaled 8.08 trillion won, down from 9.1 trillion won in the year earlier period, but domestic sales were up 15% on year.