Hyundai Mobis Q1 Net Profit Falls 14% Amid Middle East Tensions
L'essentiel
- Hyundai Mobis reported first-quarter net profit of 883.05 billion won, down 14% year-on-year, as prolonged Middle East tensions dampened vehicle sales and parts demand.
- Operating profit rose 3.3% to 802.65 billion won on increased high-end electric component supplies, while sales climbed 5.5% to 15.56 trillion won.
- The company plans to invest 2.1 trillion won in R&D this year, up 12%.
Résumé généré par IA
Pourquoi c'est important
Hyundai Mobis is South Korea's leading auto parts maker, generating about 90% of parts sales from affiliates Hyundai Motor and Kia. The company holds a 21.86% stake in Hyundai Motor and aims to raise overseas parts sales from 10% to 40% by 2033.
SEOUL, April 24 (Yonhap) -- Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its first-quarter net profit fell 14 percent from a year earlier as weaker global vehicle demand weighed on earnings.
Net profit for the three months ending in March fell to 883.05 billion won (US$596 million) from 1.03 trillion won a year earlier, the company said in a regulatory filing.
"Rising external uncertainties linked to prolonged tensions in the Middle East dampened vehicle sales and parts demand," a company official said.
Operating profit rose 3.3 percent to 802.65 billion won from 776.68 billion won during the same period on increased supply of high-end electric components to global carmakers.
Sales climbed 5.5 percent to 15.56 trillion won from 14.75 trillion won.
Despite ongoing uncertainties, Hyundai Mobis said it plans to invest 2.1 trillion won in research and development (R&D) this year to strengthen its competitiveness in future mobility solutions. The planned R&D spending marks a 12 percent increase from a year earlier.
Hyundai Mobis generates about 90 percent of its parts sales from affiliates Hyundai Motor Co. and Kia Corp. The company aims to raise the share of overseas parts sales from 10 percent to 40 percent by 2033. It also holds a 21.86 percent stake in Hyundai Motor.
Questions ouvertes
- How will the Middle East tensions specifically impact Q2 outlook?
- What is the breakdown of high-end electric component sales?
