Mobis profit and sales fall on strong won and recall costs

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Mobis profit and sales fall on strong won and recall costs

Published: 26 Oct. 2018, 19:41

Hyundai Mobis said Friday its net profit fell 6.8 percent in the third quarter from a year earlier on the won’s strength and recall-related costs.

Net profit for the three months ending Sept. 30 fell to 449.65 billion won ($393.6 million) from 482.24 billion won a year earlier, the company said in a statement.

“The won’s strength against the dollar and other currencies, as well as provisions for airbag control unit-related recall costs, cut into the bottom line,” the statement said.

Hyundai Mobis supplies auto components to Hyundai Motor and Kia Motors and develops vehicle technologies for the carmakers.

Operating profit declined 15 percent to 462.25 billion won in the third quarter from 544.43 billion won a year earlier.

Yonhap