Hyundai Mobis saw its operating profit drop 23.5% year-on-year during the third quarter of 2021.
The automobile parts maker said on Thursday that it recorded 9.98 trillion won in revenue and 457.6 billion won in operating profit during the quarter.
Revenue was level to that of a year ago while operating profit dropped 23.5% over the same time period.
The figures were lower than South Korean analysts’ estimates.
Revenue was similar to a year ago due to high demand for electric parts and an increase in sales from its after-sales business, Hyundai Mobis said.
But profitability was hurt by the reduced production of automobiles and increase in distribution costs.
The company said it expected profitability to recover during the quarter due to the easing of the chip shortage and continued high demand for electric parts in automobiles.