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Hyundai Mobis Q2 net income up 15% to W769.7b

Assembly line inside Hyundai Motor's Ulsan Plant (Hyundai Motor Group)
Assembly line inside Hyundai Motor's Ulsan Plant (Hyundai Motor Group)

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its second-quarter net profit rose 15 percent from a year earlier on shareholding gains from its affiliates.

Net profit for the three months ended in June climbed to 769.7 billion won ($587 million) from 669.6 billion won in the same period of last year, the company said in a statement.

"Equity gains from affiliate Hyundai Motor Co. gave a boost to the bottom line in this past quarter," a company spokesman said over the phone.

On Thursday, Hyundai reported a 56 percent on-year jump in its second-quarter net profit at 3.08 trillion won helped by an improved product mix and a weak won.

But operating profit fell 28 percent to 403.3 billion won in the second quarter from 563.6 billion won a year ago due to chip shortages and logistics costs.

Sales were up 20 percent to 12.308 trillion won during the same period backed by increased sales of core components for SUVs and high-end vehicles.

Hyundai Mobis is a core affiliate of Hyundai Motor Group, which also has Hyundai Motor Co. and Kia Corp. under its wing. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.

In the June quarter, the company obtained $2.57 billion worth of parts orders from global carmakers, except for its captive buyers Hyundai Motor and Kia, achieving 70 percent of its order target of $3.75 billion for this year.

Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers. (Yonhap)

Korea Herald daum