Hyundai Mobis Q2 Net Shrinks 1.1%

South Korea's top auto parts maker Hyundai Mobis Co. said Thursday its net profit slipped 1.1% from a year earlier in the second quarter despite a sharp increase in sales, according to South Korea's News Agency (Yonhap). 
In the April-June period, net income came to 848.8 billion won (US$752.95 million), compared with a net profit of 858.1 billion won over the same period last year, the company said in a regulatory filing. 
Sales spiked 11.9% on-year to some 9.85 trillion won over the cited period, with operating profit also surging 13% to 784.7 billion won. 
However, in the first six months of the year, net profit gained 4.6% on-year to 1.64 trillion won, while sales grew 9.4% to 19.19 trillion won. Operating profit came to 1.5 trillion won in the January-June period, up 7.6% from the same period last year. 
"Despite a cut in demand for cars, the company's sales and profit grew on increased sales of high-end cars at home and abroad," the company said in a press release.