(Hyundai Mobis)
Hyundai Mobis Co., South Korea's leading auto parts maker, said Wednesday its first-quarter net profit jumped 62 percent from a year earlier on increased sales of high-margin components.
Net profit for the three months ending March 31 rose to 841.8 billion won ($629 million) from 520.9 billion won during the same period of last year, the company said in a statement.
"The quarterly bottom line was buoyed by the increased production of modules and key components as the global chip shortage eased. In particular, demand for high-end parts for electric vehicles and sport utility vehicles was strong," the statement said.
Operating profit rose 8.1 percent to 418.09 billion won in the first quarter from 386.87 billion won a year ago. Sales were up 30 percent to 14.67 trillion won from the 11.31 trillion won during the cited period.
Hyundai Mobis is a core affiliate of Hyundai Motor Group, which also has Hyundai Motor Co. and Kia Corp. under its wing. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.
This year, the company aims to obtain $5.36 billion worth of parts orders from global carmakers, outside of its captive buyers Hyundai Motor and Kia.
The annual target is higher than the $4.65 billion worth of orders achieved last year.
Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers. (Yonhap)
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