SEOUL, South Korea — Hyundai Motor Co. said Thursday its second quarter earnings sank 24 percent due to a sales drop in China and weakness in other markets due to falling currencies.
Its April-June net income was 1.79 trillion won ($1.54 billion). Sales stayed nearly flat at 22.8 trillion won while operating income dropped 16 percent over a year earlier to 1.75 trillion won.
The result was slightly higher than market expectations but underlined ongoing challenges besetting South Korea’s largest automaker.
Hyundai said China sales declined as the country’s local makers of cheap vehicles recorded explosive sales growth.