Hyundai Mobis posts 31.6% jump in Q3 operating profit

Hyundai Mobis researchers test the endurance of cockpits made from recycled materials Courtesy of Hyundai Mobis Co — Hyundai Mobis researchers test the endurance of cockpits made from recycled materials. Courtesy of Hyundai Mobis Co.

SEOUL, October 25 (AJP) - South Korean auto parts maker Hyundai Mobis Co. reported on Friday that its operating profit increased by 31.6 percent year-on-year to 908.6 billion won ($669.5 million) in the third quarter, driven by high-margin core component sales and cost reduction measures.

Revenue fell by 1.6 percent to 14 trillion won, with the module and core parts manufacturing division experiencing a 4.5 percent decline to 10.94 trillion won, impacted by the slowdown in EV demand.

Sales in the aftermarket service segment grew about 10 percent to 3.06 trillion won.

"We have secured $2.38 billion in core component orders from global customers by the end of the third quarter," a Hyundai Mobis official said, adding that the company will strive to meet its annual order targets despite uncertainties surrounding the U.S. election and EV market fluctuations.