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(LEAD) Hyundai Mobis Q4 net jumps on increased exports

All News 14:34 January 30, 2020

(ATTN: ADDS photo; REWRITES throughout)

SEOUL, Jan. 30 (Yonhap) -- Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday its fourth-quarter net profit jumped 39 percent from a year earlier on increased sales of electric car parts.

For the October-December period, net profit climbed to 582.1 billion won (US$490 million) from 419.8 billion won a year ago backed by robust sales of components for electric cars and increased exports of car parts, the company said in a statement.

Sales of electrified car components continued to rise to 2.8 trillion won last year from the previous year's 1.8 trillion won after exceeding 1 trillion won for the first time in 2017, it said.

Operating profit rose 9.1 percent to 634.4 billion won in the fourth quarter from 581.9 billion won a year ago. Sales were also up 7.9 percent to 10.4 trillion won from 9.64 trillion won during the same period.

(LEAD) Hyundai Mobis Q4 net jumps on increased exports - 1

For the whole of 2019, net profit jumped 22 percent on-year to 2.29 trillion won from 1.89 trillion won. Operating profit climbed 17 percent to 2.36 trillion won from 2.03 trillion won, while sales were up 8.2 percent to 38.05 trillion won from 35.15 trillion won.

In 2019, Hyundai Mobis won $1.76 billion worth of core auto parts orders from global carmakers, up 5.9 percent from a year earlier, the statement said.

This year, it aims to achieve $2.73 billion worth of orders globally.

The company earns 90 percent of its overall auto parts sales from its two affiliates -- Hyundai Motor Co. and Kia Motors Corp.

kyongae.choi@yna.co.kr
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