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Biz News Korea(Eng)
Hyundai Mobis Q2 OP down 37.3% on poor Hyundai car sales in China
- Collected
- 2017.07.28
- Distributed
- 2017.07.31
- Source
- Go Direct
Operating profit in the April-June period came to 492.4 billion won ($440 million) over sales of 8.28 trillion won, down 16.0 percent. Net profit plunged 43.2 percent to 482.2 billion won largely due to sluggish finished car sales in China.
At 01:25 p.m., shares of Hyundai Mobis were up 3.2 percent at 255,000 won.
Sales in the first six months fell 8.6 percent on year to 17.55 trillion won, with operating profit down 22.8 percent to 1.16 trillion won. Net profit slipped 24.3 percent to 1.24 trillion won.
Sales of its key module business in the first half dropped 10.8 percent on year to 14.17 trillion won.
Sales from automotive parts supply for after sales services were up 2.2 percent to 3.38 trillion won, helped by an increase in the number of cars on the roads sold by its sister companies Hyundai Motor and Kia Motors around the world. The company said its improved profitability through more efficient management in logistics, inventory and cost in this business sector contributed to offsetting the overall earnings decrease.
“Despite challenging business conditions, we ramped up R&D spending by nearly 14 percent during the first half. This is a preemptive measure to get new high-value technologies for future cars earlier, which could defuse a crisis and boost growth,” said a company official.
By Lee Seung-hoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]