Seoul: Hyundai Motor Co. has announced a decrease in its second-quarter net profit to 2.88 trillion won (approximately US$2 billion), marking an 11.2 percent decline from the previous year.

According to Yonhap News Agency, South Korea's leading automaker detailed in a regulatory filing that its operating profit for the quarter reached 2.85 trillion won, down from 3.6 trillion won the previous year. Despite the drop in profits, the company saw a 1.9 percent increase in sales, totaling 49.21 trillion won.

The reported earnings surpassed market predictions, with analysts' average net profit estimate standing at 2.59 trillion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.