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(2nd LD) Hyundai Mobis Q4 net jumps on increased exports

All News 15:23 January 30, 2020

(ATTN: ADDS details in paras 5-7, 9)

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.

(2nd LD) Hyundai Mobis Q4 net jumps on increased exports - 1

"As expanded production lines at the company's plants in the Czech Republic and Slovakia are set to begin operations this year, the company will be able to supply more electric car parts to the market," a company spokesperson said.

Hyundai Mobis operates 13 domestic plants and 20 plants overseas -- eight in China, four in the United States, one in Mexico, four in Europe and three in Asia and other regions. The overseas plants are located near plants belonging to its two affiliates -- Hyundai Motor Co. and Kia Motors Corp. -- as the Hyundai Mobis facilities supply cockpit, chassis and front-end modules to the carmakers.

Hyundai Mobis earns 90 percent of its overall auto parts sales from Hyundai Motor and Kia Motors.

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.

The company resumed supplying its parts to Fiat Chrysler Automobiles' Ohio plant in April following a year of maintenance work, helping its annual earnings results, the spokesperson said.

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.

kyongae.choi@yna.co.kr
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