Seoul:Hyundai Mobis Co., South Korea's leading auto parts manufacturer, announced a significant decrease in its third-quarter net income, reporting 598.4 billion won (US$446.8 million), reflecting a 35.7 percent decline from the previous year.
According to Yonhap News Agency, Hyundai Mobis stated in a regulatory filing that its operating income for the July-September period increased by 17.2 percent year-on-year to 914.1 billion won. Additionally, the company's sales rose by 4.6 percent to reach 15.72 trillion won.
Despite these gains, the company's net income fell short of market expectations. Analysts had projected an average net profit of 999.7 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.