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July 31, 2017updated 09 Apr 2021 12:38pm

Hyundai Mobis profits plunge 43% in Q2

Hyundai Mobis has reported Q2 net profit down 43% on a year earlier due to lower sales in China where Korean brands have suffered lower sales due to a diplomatic spat between Beijing and Seoul.

Hyundai Mobis has reported Q2 net profit down 43% on a year earlier due to lower sales in China where Korean brands have suffered lower sales due to a diplomatic spat between Beijing and Seoul.

Net profit for the quarter ended 30 June declined to 481.24 billion won from 848.83 billion won a year earlier, the company said.

The company's major OEM customer – Hyundai-Kia – experienced sharp declines to volume due to tensions between Beijing and Seoul over the deployment of a US anti-missile system in South Korea.

"Decreased parts shipped to the carmakers cut deeply into the bottom line," a company spokesman told the Yonhap news agency.

Second quarter operating profit fell 37% to 492.39 billion won and sales were down 16% to 8.28 trillion won.

In the first half of the year, Hyundai Mobis's net profit declined 24% to 1.24 trillion won from 1.64 trillion won in the year-ago period, Yonhap reported.

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