Hyundai Mobis net jumps 17.2% in 1st quarter
Hyundai Mobis Co., Korea's largest auto parts maker, said Monday its net earnings jumped 17.2 percent on-year in the first quarter on brisk sales of auto parts and modules.
Net profit came to 938.2 billion won ($828.7 million) in the January-March period, compared to 800.8 billion won a year earlier, the company said in a regulatory filing.
Sales jumped 18.5 percent on-year to 7.34 trillion won, and operating profit gained 6.4 percent to a total of 730.6 billion won, the company said.
Hyundai Mobis said its strong bottom line is attributable to rising sales of key automotive components and modules to both local carmakers and overseas customers.
The company is the largest parts supplier to Hyundai Motor Group, the world's fifth-largest automaker that also includes Hyundai Motor Co. and Kia Motors Corp. The company, in addition, has started supplying parts to overseas automotive companies.
Hyundai Mobis said sales of car modules surged 20.4 percent on-year to more than 3.52 trillion won, with numbers for key parts gaining 14.7 percent to 2.18 trillion won.
Sales to North America, Europe and China all rose in the first three months of this year vis-a-vis a year earlier, it said. (Yonhap)