24 July 2009;timesofindia.indiatimes.com:SEOUL: South Korea Hyundai Motor Co said second-quarter net profit rose 48% to a record high as robust sales in China and India helped it ride out the global auto slump. Hyundai Motor - which along with affiliate Kia Motors Corp forms the world's fifth-biggest automotive group - said in a regulatory filing on Thursday that it earned 811.85 billion won ($650 million) in the three months ended June 30. It posted net profit of 546.9 billion won a year earlier. Company spokesman said that the profit was the biggest ever for a single quarter. Total sales revenue during the three-month period, however, fell 11% to 8.08 trillion won from 9.11 trillion won. Hyundai said it grabbed 5% global market share for the first time despite what it said was a 15% decline in demand for autos worldwide during the first half of 2009. The company's performance was strong in China and India, where Hyundai has built factories to meet increasing vehicle demand in the two fast growing economies. Hyundai did not provide a breakdown for the second-quarter, but in separate presentations, it said its Chinese and Indian units helped boost earnings in the first half of this year.
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