[THE INVESTOR] Hyundai Glovis
, Hyundai Motor Group’s logistics arm, posted 183.5 billion won (US$160.80 million) in operating profit in the third quarter, the company said in a regulatory filing on Oct. 27.
The profit increased 2.9 percent from a year earlier, despite sluggish sales of its auto affiliates Hyundai Motor and Kia Motors.
In the July-September period, revenue stood at 3.81 trillion won, down 1.1 percent on-year. Net income increased 1293.6 percent to 218.8 billion won.
Sales of its key export division dropped 8.2 percent on-year to 1.53 trillion won in the third quarter, due to the automakers’ labor strike that led to production losses. Hyundai Glovis now exports around 50 percent of Hyundai and Kia cars to overseas markets.
Meanwhile, revenue from its complete knock-down division -- which transports semi-assembled components -- increased 8.8 percent on-year to 1.53 trillion won to offset the loss, the company said.
By Ahn Sung-mi (firstname.lastname@example.org