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Hyundai Mobis operating profit rises 9.8% in Q1

Apr 27,2019
Hyundai Mobis reported its earnings for the first quarter on Friday, with operating profit at 493.7 billion won ($425.3 million), a rise of 9.8 percent from the same period last year at 449.8 billion won.

It explained in a statement that its earnings rose as sales for its components business improved.

Sales for the company’s electrification components rose 89.3 percent from the previous year to 574.6 billion won, according to Hyundai Mobis.

The auto-parts supplier added that it will repurchase one-third of 1 trillion won worth of shares in the second half of this year.

By Chae Yun-hwan