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Hyundai Mobis Q4 net up 0.4% amid chip shortages

(Hyundai Mobis Co.)
(Hyundai Mobis Co.)
Hyundai Mobis Co., South Korea's biggest auto parts maker, said Wednesday its fourth-quarter net profit edged up 0.4 percent from a year earlier amid global chip shortage.

Net profit for the three months ended in December climbed to 553.98 billion won ($463 million) from 551.97 billion won during the same period of last year, the company said in a statement.

"Increased sales of high-end parts for electric vehicles and SUVs helped offset the impact of the COVID-19 pandemic and semiconductor shortage," the statement said.

Operating profit fell 25 percent to 528.59 billion won in the fourth quarter from 702.31 billion won a year ago. Sales were up 8.8 percent to 11.61 trillion won from 10.68 trillion won.

For the whole of 2021, net income jumped 55 percent to 2.36 trillion won from 1.53 trillion won the previous year.

Last year, Hyundai Mobis received $2.52 billion worth of parts orders from global carmakers. It was up 43 percent from the previous year's orders.

It aims to obtain $3.74 billion orders this year by focusing on modules and core electronic components amid improving chip supplies.

Full-year operating profit rose 12 percent to 2.04 trillion won from 1.80 trillion won during the same period. Sales gained 14 percent to 41.70 trillion won from 36.63 trillion won. (Yonhap)

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