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SEOUL: Hyundai Motor Co, South Korea’s largest motor vehicle maker, said second-quarter profit fell 11% as domestic sales dropped and after a one-time loss from closing two unprofitable production lines. 

Net income slid to 510 billion won (US$436mil) in the three months ended June 30, from 570.9 billion won a year earlier, the company said in a statement. Sales rose 9.2% to 7.18 trillion won. 

Hyundai Motor will release a new version of its Sonata sedan in South Korea next month, betting it will revive domestic sales, which fell 11% during the quarter. – Bloomberg 

For Another perspective from The Korea Herald, a partner of Asia News Network, click here

 

CHICAGO: Boeing Co reported better-than-expected US$607mil profits for the second quarter and raised its earnings estimates for the rest of this year and next, buoyed in part by an improving outlook for the long-stagnant commercial aircraft business. 

The largest US aerospace company, continuing to ride out the commercial aviation slump thanks to a thriving defence business, said it expected to deliver more aircraft in 2005 than previously forecast as a result of the slow recovery in the commercial jet market. 

Net income for the April–June period amounted to 75 US cents a share, compared with a loss of US$192mil, or 24 US cents a share, in the equivalent period a year earlier. – AP 

 

 

NEW YORK: Time Warner Inc, the world’s largest media company, posted on Wednesday better-than-expected quarterly profits, but said it widened an internal investigation at its online division. 

The company, whose accounting methods at the AOL Europe unit has been under investigation by federal regulators, said it expanded an internal investigation of accounting at AOL to include its European unit, which could result in a restatement of financial statements. – Reuters 

 

 

TOKYO: Japan's Honda Motor Co reported on Wednesday a 12% rise in profits for its first fiscal quarter, as robust sales helped offset unfavourable currency rates. 

Japan's third largest motor vehicle maker said net profit rose to 114.2 billion yen (US$1.03bil) during the three months to June 30, up from 101.8 billion yen in the corresponding period last year. Honda said its first-quarter sales hit a new record, helping counter the effect of a weakening US dollar against the Japanese yen. – AP 

For Another perspective from The Daily Yomiuri, a partner of Asia News Network, click here

 

LONDON: Unilever Plc registered a 33% increase in second-quarter earnings, but its sales fell amid stiff competition particularly in Europe. 

The Anglo-Dutch consumer goods company said on Wednesday its net profit for the three months to July 28 rose to 749 million euros (US$899mil) from 564 million euros in the equivalent period a year earlier. However, sales slipped to 10.8 billion euros from 11.2 billion last year. All the results came in below expectations. – AP  

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