Hyundai Motor posts 48% drop in Q2 profit

Seoul: South Korea’s top automaker Hyundai Motor Wednesday posted a 48 per cent drop in second-quarter net profit as China retaliated against South Korean exporters over a new US missile defence system. Hyundai reported net profit of 913.6 billion won ($814 million; Dh3 billion) in April-June, down from 1.764 trillion won a year earlier. “Hammered by fallouts from THAAD, net profit has decreased,” the company said in a statement, referring to the US system known as Terminal High Altitude Area Defence (THAAD).