Hyundai Mobis Co., South Korea's leading auto parts maker, said Thursday its second-quarter net profit rose 21 percent from a year earlier on increased vehicle production and robust sales of high-end auto components.
Net profit for the three months ended in June rose to 932 billion won (US$733 million) from 769.7 billion won during the same period of last year, the company said in a statement.
"The quarterly results were helped by the increased production of modules and key components amid an easing of semiconductors shortages. In particular, demand for high-margin parts for electric vehicles and sport utility vehicles was strong," the statement said.
Operating profit jumped 65 percent to 663.8 billion won in the second quarter from 403.3 billion won a year ago. Sales were up 27 percent to 15.685 trillion won from the 12.308 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.
Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers.
The company has received $2.71 billion worth of orders so far this year from global carmakers, except for its captive buyers Hyundai Motor and Kia, achieving half of its annual order target of $5.36 billion from non-captive overseas customers.
The annual target is higher than the $4.65 billion worth of orders obtained last year.
From January to June, net income jumped 37 percent to 1.774 trillion won from 1.291 trillion won during the same period of last year.
Operating profit climbed 37 percent to 1.082 trillion won in the first six months from 790.2 billion won a year ago. Sales were up 29 percent on-year to 30.352 trillion won from 23.616 trillion won.
Source: Yonhap News Agency