Seoul: Hyundai Mobis Co., South Korea’s leading auto parts maker, announced that its third-quarter net profit experienced a 1 percent increase from the previous year, despite a significant drop in operating profit attributed to U.S. import tariffs.
According to Yonhap News Agency, the company’s net profit for the three months ending in September rose to 930.5 billion won (US$651.4 million) compared to 921.2 billion won during the same period last year, as detailed in a regulatory filing by Hyundai Mobis.
The company attributed the growth in net profit to favorable exchange rates and an increased supply of module and core parts to global carmakers, including Hyundai Motor Group’s new electric vehicle manufacturing plant in Georgia. However, the imposition of U.S. tariffs on vehicle imports negatively impacted the company’s operating profit, underscoring the challenges faced in balancing international trade dynamics.