Seoul: Hyundai Mobis Co., the auto parts arm of Hyundai Motor Group, announced a decrease in its second-quarter net profit, amounting to 934.4 billion won (US$680.8 million). This marks a 6.3 percent decline from the same period last year.
According to Yonhap News Agency, the company stated in a regulatory filing that its operating profit for the April-June quarter was 870 billion won, reflecting an increase of 36.8 percent year-on-year. Additionally, revenue experienced an 8.7 percent rise, reaching 15.93 trillion won.
Despite the growth in operating profit and revenue, Hyundai Mobis's earnings failed to meet market expectations. Analysts had projected an average net profit of 1.07 trillion won, as per a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.