Hyundai Mobis logs $487M profit in Q4, falling below expectations

[HYUNDAI MOBIS]

Korean auto parts maker Hyundai Mobis reported a fourth-quarter net profit of 651.4 billion won ($486.8 million), up 2.3 percent from a year earlier but behind market expectations.

Operating profit for the October-December period was 523.2 billion won, down 20.8 percent from a year ago, the company said in a regulatory filing Friday. Revenue fell 2.1 percent to 14.67 trillion won.

Earnings fell behind market expectations. Analysts had estimated a net profit of 800.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap.

For all of 2023, net income was up 37.6 percent from a year earlier, reaching 3.42 trillion won.

Operating income for the year was 2.29 trillion won, up 13.3 percent from the previous year, the company said in the regulatory filing. Annual revenue rose 14.2 percent to 59.25 trillion won.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]