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Hyundai Mobis Q1 net up 4.3 pct on strong sales

Autos 16:24 April 26, 2019

SEOUL, April 26 (Yonhap) -- Hyundai Mobis Co., South Korea's biggest auto parts maker, said Friday its first-quarter net profit rose 4.3 percent on increased sales of components for sport utility and electric vehicles.

Net profit for the January-March quarter rose to 486 billion won (US$418 million) from 466 billion won a year earlier, the company said in a statement.

"Increased sales of modules and core components to large SUVs and all-electric and other environment-friendly vehicles buoyed the quarterly results," a company spokeswoman said.

Hyundai Mobis heavily relies on orders from its affiliates Hyundai Motor Co. and Kia Motors Corp.

The parts maker earns 90 percent of its overall sales by supplying auto parts to Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales.

Operating profit climbed 9.8 percent to 494 billion won in the first quarter from 450 billion won a year ago. Sales were up 6.6 percent to 8.74 trillion won from 8.19 trillion won during the same period, it said.


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