Hyundai Mobis Q1 net profit down 13.7% to W521b

Hyundai Mobis Co., South Korea’s biggest auto parts maker, said on Friday its first-quarter net profit fell 14% from a year earlier due to a shortage of chips and costs. high manufacturing.

Net profit for the three months ended March fell to 520.98 billion won ($419 million) from 603.33 billion won a year earlier, the company said in a statement.

“Quarterly net income fell as a shortage of semiconductor parts slumped vehicle production, higher raw material prices pushed up automotive steel prices, and air freight charges rose for deliver auto parts to (Hyundai Mobis) factories overseas,” a company spokesperson said. mentioned.

The company expects these negative factors to continue to affect the second quarter, with the Russian-Ukrainian war showing no signs of de-escalation.

Operating profit fell 21% to 386.87 billion won in the first quarter from 490.35 billion won a year ago. Sales rose 15% to 11.308 billion won from 9.815 billion won.

Hyundai Mobis is a main subsidiary of Hyundai Motor Group, which also has Hyundai Motor Co. and Kia Corp. under his wing.

In the March quarter, the company secured $1.66 billion in parts orders from global automakers, excluding its captive buyers Hyundai Motor and Kia, hitting 44% of its target for orders of $3.7 billion for this year.

Hyundai Mobis makes approximately 90% of its sales with Hyundai Motor and Kia, including 10% with other car manufacturers. (Yonhap)