Hyundai Mobis Q2 profit jumps 13% on SUV sales

Hyundai Mobis Q2 profit jumps 13% on SUV sales

[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles.

South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year.

Sales jumped 11.9 percent to 9.85 trillion won from a year earlier.

Net profit, however, dropped 1.1 percent on-year to 848.8 billion won.

“Automotive sales declined in general, but due to increase in sales of parts for more lucrative cars such as SUVs, the profit increased,” the company said.

As for the first half of the year, the company reported 1.50 trillion won in operating profit, up 9.4 percent on-year. Sales increased by 9.4 percent from a year earlier to 19.19 trillion won, while net profit came to 1.64 trillion won, up 4.6 percent.


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