SEOUL, Oct. 26 (Yonhap) — South Korea’s leading auto parts maker, Hyundai Mobis Co., said Friday its net profit fell 6.8 percent in the third quarter from a year earlier on the won’s strength and recall-related costs.
Net profit for the three months ending Sept. 30 fell to 449.65 billion won (US$394 million) from 482.24 billion won a year ago, the company said in a statement.
“The won’s strength against the dollar and other currencies, as well as provisions for airbag control unit-related recall costs, cut into the bottom line,” the statement said.
Hyundai Mobis supplies auto components to Hyundai Motor Co. and Kia Motors Corp. and develops future vehicle technologies for the carmakers. They are all affiliates of Hyundai Motor Group.
Operating profit declined 15 percent to 462.25 billion won in the third quarter from 544.43 billion won a year ago. Sales were down 3.9 percent to 8.427 trillion won from 8.773 trillion won during the same period, it said.
The corporate logo of Hyundai Mobis atop it main office building in southern Seoul (Yonhap)
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