Hyundai Mobis sees Q2 profit triple

Hyundai Mobis, the component arm of autogiant Hyundai Motor, saw its operating income for the second quarter triple from the previous year.

The company said on Friday that it recorded 563.6 billion won in operating income, an increase of 234% from the same time period a year ago.

Sales increased 35.5% over the same time period to 10.28 trillion won

Hyundai Mobis its main module and core component business units saw solid sales during the quarter.

The company also saw high demand for its components from mid-class, SUV and environmentally friendly vehicles.

Demand for electric vehicles were especially high, Hyundai Mobis said. Sales related to its electric component increased 37.8% year-on-year to 1.36 trillion won.

For the first quarter, Hyundai Mobis recorded 20.1 trillion won in sales and 1.05 trillion won in operating income, an increase of 25.9% and 98.9%, respectively, from the same time period a year ago.

This was despite the unfavorable exchange rate increase in transportation prices, the company noted.

Hyundai Mobis said it will strengthen sales of its high value components such as chassis and lamps to North America, Europe and China.