Hyundai Wia increased both revenue and operating profit in the third quarter of this year, driven by growth in its engine, module, and thermal management businesses.
The company said Friday that it recorded revenue of 2.459 trillion won and an operating profit of 54.7 billion won in the third quarter of this year. These figures increased by 14.3% and 5.5%, respectively, compared to the same period last year.
The revenue increase was driven by expanded engine supply volumes in South Korea and Mexico, as well as growth in the module and thermal management businesses.
Specifically, module business revenue increased by 18% compared to the same period last year. Increased engine supply volumes in South Korea and Mexico also contributed to higher vehicle parts revenue.
Thermal management business revenue grew by 160% compared to the same period last year, thanks to factors such as increased air conditioning unit volumes. With the expansion of the thermal management business following modules and engines, mobility segment revenue rose by 15.1% to 2.2884 trillion won during the same period.
Operating profit increased compared to the same period last year despite profitability pressures from changes in product mix and rising material and logistics costs. It is interpreted that the revenue increase partially offset these cost burdens.
Hyundai Wia plans to restructure its business portfolio around future mobility through the sale of its special business division, which is currently underway.
The company intends to invest approximately 1.8 trillion won in research and development (R&D), approximately 1 trillion won in expanding global production bases, and approximately 900 billion won in nurturing new businesses by 2035.
A Hyundai Wia official said, "We plan to strengthen our medium- to long-term growth foundation by focusing the resources and management capabilities secured through the sale of the special business division on growth areas such as core mobility components, thermal management, and robotics."
in INDUSTRY
