SEOUL: Hyundai Mobis Co., one of South Korea’s leading auto parts manufacturers, announced a 7.7 percent decrease in its third-quarter net profit, totaling 921.2 billion won (US$667.4 million), compared to the same period last year. The decline in net income comes despite a notable rise in operating income, highlighting a mixed financial performance for the quarter.
According to Yonhap News Agency, Hyundai Mobis revealed in a regulatory filing that its operating income for the July-September period experienced a significant 31.6 percent increase year-on-year, reaching 908.6 billion won. However, the company faced a 1.6 percent decrease in revenue, which amounted to 14 trillion won.
The reported earnings failed to meet market expectations, as analysts had predicted a net profit of 943 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. The discrepancy between actual earnings and forecasts underscores the challenges facing Hyundai Mobis amidst fluctua
ting market conditions.