Hyundai Mobis posted second-quarter operating profit approaching 1 trillion won, driven by expanded supply of high-value electronic components.
Hyundai Mobis (012330) reported second-quarter revenue of 16.3247 trillion won and operating profit of 975.2 billion won on a consolidated basis, the company said on the 24th. Revenue rose 2.4% and operating profit increased 12.1% from a year earlier.
Higher sales to overseas automakers and expanded supply of high-value electronic components led the improvement in results. After-sales parts also maintained solid performance on the back of increased global sales and favorable exchange rate effects.
Hyundai Mobis spent a total of 950.8 billion won on research and development (R&D) in the first half to secure core future mobility technologies. This represents 44% of its annual investment plan of 2.1631 trillion won. In the first half of this year, the company won orders worth $740 million from global customers.
"In the first half, some orders were delayed due to factors such as project schedule adjustments stemming from customers' strategy changes and a slowdown in the growth of the electrification market, but we plan to focus on securing initial orders for new products and new customers to raise the quality of orders and actively expand additional order opportunities," a Hyundai Mobis official said.
