HD Hyundai Mipo shifts to profits in Q2

HD Hyundai Mipo Co. on Thursday reported its second-quarter net profit of 29 billion won (US$20.9 million), swinging from a loss of 34.9 billion won a year earlier. Operating profit for the April-June period was 17.4 billion, compared with a loss of 52.5 billion won a year ago, the company said in a regulatory filing. Sales rose 9.3 percent to 1.12 trillion won. The operating profit was 503.5 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available. Source: Yonhap News Agency