SEOUL, KOREA - Korea's automobile and auto parts companies are announcing their third-quarter results one by one amid worries that they might have been hit by the strengthening won. But it turned out most of the companies came out relatively unscathed from the stronger won and weakening emerging market currencies.

 

According to industry sources on October 31, the third-quarter operating profit of Hyundai Mobis, Korea's largest automotive parts company, was 686 billion won, up 6.6 percent from the same period last year. Its operating profit ratio was 8.4 percent. Hyundai Wia, the second biggest automotive parts manufacturer after Hyundai Mobis, was also relatively free from the currency fluctuations, with the quarter's operating profit of 139.2 billion won and the operating profit ratio of 8.2 percent.

 

Meanwhile, Mando Corp., a Halla Group company, suffered a setback with its consolidated operating profit reaching 71.1 billion won, 6.5 percent below the consensus figures.

 

Of the car makers, Kia Motors was the company most affected by the currency change, as well as by the labor disputes. Its third-quarter consolidated operating profit was 696.3 billion won, 17.9 percent below the expectations. Hyundai Motor did relatively well with an operating profit of 2,010.1 billion won with an operating profit ratio of 9.7 percent.