April 25, 2024
Industrials
Hyundai Mobis’ Q1 net profit falls 4%
[THE INVESTOR] Hyundai Mobis, Korea’s biggest auto parts maker by sales, on May 2 posted a 4.2 percent on-year drop in first-quarter net profit.
Net profit for the three months that ended on March 31 fell to 761.9 billion won (US$674 million) from 795.2 billion won a year earlier, the company said in a statement.
The won’s strength against the dollar in the first quarter weighed on the earnings result, the company said. The won strengthened to an average of 1,154.28 won against the greenback in the first quarter from 1,201.44 won a year earlier, according to Bank of Korea data.
Operating profit also declined 6.9 percent year-over-year to 668.7 billion won in the first quarter from 718.4 billion won.
Sales were down 0.8 percent to 9.27 trillion won from 9.34 trillion during the same period, the company said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Net profit for the three months that ended on March 31 fell to 761.9 billion won (US$674 million) from 795.2 billion won a year earlier, the company said in a statement.
The won’s strength against the dollar in the first quarter weighed on the earnings result, the company said. The won strengthened to an average of 1,154.28 won against the greenback in the first quarter from 1,201.44 won a year earlier, according to Bank of Korea data.
Operating profit also declined 6.9 percent year-over-year to 668.7 billion won in the first quarter from 718.4 billion won.
Sales were down 0.8 percent to 9.27 trillion won from 9.34 trillion during the same period, the company said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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