[EQUITIES] LIG Investment & Securities forecasts lower earnings for Hyundai Motor

[THE INVESTOR] LIG Investment & Securities on July 14 said Hyundai Motor’s second-quarter earnings would fall below market estimates.

Operating profit for the world’s fifth-largest automaker declined 3.3 percent to 1.7 trillion won (US$ 1.48 billion), while sales rose 5.2 percent to 23.9 trillion won. 

Hyundai Motor’s global sales rose 4.3 percent in the second quarter, while domestic sales increased 4.9 percent.

But the automaker is suffering from falling exports, mainly on the back of declining Hyundai sales in emerging markets such as South America and the Middle East.

Consequently, domestic car production fell 7.4 percent.

By Kim Ji-hyun (jemmie@heraldcorp.com)