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Hyundai Mobis’ Q3 net profit up 14%

[THE INVESTOR] Hyundai Mobis’ net profit rose 14.3 percent on-year in the third quarter backed by growing sales at home and abroad.

In the July-September period, net profit came to 705.8 billion won (US$616.58 million) on a consolidated basis, compared with a net profit of 617.6 billion won from the same period last year, the company said in a regulatory filing.

Sales gained 3.5 percent on-year to some 8.78 trillion won with operating profit gaining 7.7 percent to 721.7 billion won.

“Despite a dip in global sales of cars, the company’s sales and profit increased on a rise in sales of high-end vehicles at home and abroad, as well as increased sales of key auto parts following the recent launch of new vehicles by automakers,” the company said in a press release.

In the first nine months of the year, Hyundai Mobis posted a net profit of nearly 2.35 trillion won, up 7.3 percent from the same period last year, while its sales and operating profit increased 7.5 percent and 7.6 percent on-year, respectively, over the cited period.