Hyundai Mobis Q2 net shrinks 1.1 percent

South Korea's top auto parts maker Hyundai Mobis Co. said Thursday its net profit slipped 1.1 percent from a year earlier in the second quarter despite a sharp increase in sales.

In the April-June period, net income came to 848.8 billion won ($752.95 million), compared with a net profit of 858.1 billion won over the same period last year, the company said in a regulatory filing.

Sales spiked 11.9 percent on-year to some 9.85 trillion won over the cited period, with operating profit also surging 13 percent to 784.7 billion won.

However, in the first six months of the year, net profit gained 4.6 percent on-year to 1.64 trillion won, while sales grew 9.4 percent to 19.19 trillion won. Operating profit came to 1.5 trillion won in the January-June period, up 7.6 percent from the same period last year.

"Despite a cut in demand for cars, the company's sales and profit grew on increased sales of high-end cars at home and abroad," the company said in a press release. (Yonhap)