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SEOUL, Jan. 28 (Yonhap) -- Hyundai Mobis Co., South Korea's leading auto parts maker, said Thursday its fourth-quarter net profit remained nearly flat compared with a year earlier helped by strong sales of electric vehicle parts despite the coronavirus pandemic.
Net profit for the three months ended December fell 0.5 percent to 579.4 billion won (US$519 million) from 582.1 billion won in the year-ago period, the company said in a statement.
"Increased sales of high-end parts for electric and environment friendly vehicles and companywide cost reductions helped the company come up with the relatively solid quarterly results," it said.
Hyundai Mobis expects its bottom line will recover this year as it plans to supply core components to Hyundai Motor Group's own EV-only electric-global modular platform (E-GMP) platform.
Hyundai Motor Co. plans to launch the IONIQ 5, the first all-electric model based on the E-GMP platform in March. Hyundai Motor and Hyundai Mobis are the main affiliates of the Korean automotive group.
Operating profit rose 11 percent to 702.3 billion won in the fourth quarter from 598.3 billion won a year ago. Sales climbed 2.6 percent to 10.67 trillion won from 9.99 trillion won during the same period.
For all of 2020, however, net profit fell 32 percent to 1.55 trillion won from 2.29 trillion won the previous year due to the COVID-19 impact in major markets.
Full-year operating profit also declined 22 percent to 1.83 trillion won last year from 2.35 trillion won the previous year, while sales were down 3.7 percent to 36.62 trillion won from 38.04 trillion won during the cited period.
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