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The Korea Herald
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THE INVESTOR
March 29, 2024

Automobiles

Hyundai Mobis’ net profit falls 18% in H1

  • PUBLISHED :July 26, 2018 - 17:24
  • UPDATED :July 26, 2018 - 17:24
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[THE INVESTOR] Hyundai Mobis, the country’s biggest auto parts maker by sales, said on July 26 its first-half net profit fell 18 percent as reduced US output affected its bottom line.

Net profit for the January-June period fell to 1.019 trillion won (US$908 million) from 1.244 trillion won a year earlier, the company said in a statement.

The net result was affected by decreased sales of module and core components and reduced production at the company’s Ohio plant in line with Hyundai Motor’s output reduction in its Alabama plant, the statement said.

Hyundai Motor cut its US output in the first half to decrease its US inventories amid weak demand for its vehicles. Hyundai Motor and Hyundai Mobis are core affiliates of Hyundai Motor Group.

Operating profit declined 16 percent to 981 billion won in the first six months from 1.161 trillion won a year ago. Sales fell 2.7 percent to 17.078 trillion won from 17.550 trillion won during the same period, it said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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