Hyundai Mobis(012330) said in a filing on the 24th that its operating profit for the second quarter was tentatively tallied at 975.2 billion won, up 12.1% from the same period a year earlier.
Revenue rose 2.4% in the same period to 16.3247 trillion won, while net profit increased 13.5% to 1.0602 trillion won.
Hyundai Mobis said higher sales to overseas automakers in the second quarter and expanded supply of high value-added electronics parts helped improve results.
It also offset lower electrification institutional sector sales caused by reduced production volumes at some automaker clients during the same period and the increased memory semiconductor expense burden.
Hyundai Mobis added that A/S parts also continued solid results on the back of rising global sales and favorable exchange rates.
Hyundai Mobis also said it strengthened efforts to win orders for core parts from major automakers in North America and Europe/Asia, securing $740 million in orders in the first half.
It added that it executed 950.8 billion won in research and development (R&D) investment in the first half, achieving 44% execution of its annual investment plan (2.1631 trillion won).
A Hyundai Mobis official said, "In the first half, some orders were delayed due to project schedule adjustments following clients' strategy changes and a slowdown in electrification market growth, but we will focus on securing first-time orders for new products and new clients to improve the quality of orders and actively expand additional order opportunities."