Hyundai Mobis Q3 net gains 29 pct on demand for electric car parts
SEOUL, Oct. 24 (Yonhap) -- Hyundai Mobis Co., South Korea's biggest auto parts maker, on Thursday reported a 29 percent on-year gain in third-quarter net profit on increased sales of parts for electric cars.
Net profit for the July-October period rose to 581.9 billion won (US$497 million) from 449.6 billion won a year earlier, the company said in a statement.
"As carmakers launch more electric vehicles, sales of electrified auto components also expanded. And the company resumed supplying its parts to Fiat Chrysler Automobile's Ohio plant in April following one year of maintenance. It helped the bottom line," the statement said.
Operating profit climbed 31 percent to 603.9 billion won in the third quarter from 462.2 billion won a year ago. Sales were up 12 percent to 9.45 trillion won from 8.43 trillion won.
Hyundai Mobis won $1.48 billion worth of core auto parts orders from global carmakers, not including its parent Hyundai Motor Group, in the January-September period, achieving 70 percent of its annual order target of $2.1 billion.
The company earns 90 percent of its overall auto parts sales from Hyundai Motor Co. and Kia Motors Corp.
Last year, Hyundai Mobis obtained $1.7 billion worth of parts orders, or 10 percent of its total car parts deals, outside the country.
kyongae.choi@yna.co.kr
(END)
-
(Yonhap Interview) BTS producer encourages anticipation for future messages from group
-
BLACKPINK star Jisoo tests positive for COVID-19, to miss world tour stop in Osaka
-
(News Focus) From hip-hop idols to global superstars, BTS shatters records over decade
-
3 EXO members file antitrust complaint against SM Entertainment
-
(LEAD) N. Korea releases rare photos of botched spy satellite launch
-
(Yonhap Interview) BTS producer encourages anticipation for future messages from group
-
Fifty Fifty chart on Billboard Hot 100 for 10th week with 'Cupid'
-
BLACKPINK star Jisoo tests positive for COVID-19, to miss world tour stop in Osaka
-
(News Focus) From hip-hop idols to global superstars, BTS shatters records over decade
-
(LEAD) 4 Chinese, 4 Russian military planes enter S. Korea's air defense zone without notice: S. Korean military
-
4 Chinese, 4 Russian military planes enter S. Korea's air defense zone without notice: S. Korean military
-
(LEAD) S. Korea wins seat on U.N. Security Council for 2024-25
-
(LEAD) 4 Chinese, 4 Russian military planes enter S. Korea's air defense zone without notice: S. Korean military
-
Yoon gov't unveils National Security Strategy highlighting N.K. threat
-
S. Korea expresses 'stern' protest to China, Russia over air defense zone incursion