Hyundai Mobis: 2003 Net Up 5.3 %

SEOUL, Dec 30, 2002; Reuters reported that South Korea's auto parts maker Hyundai Mobis Co expected net profit to rise more than five percent in 2003 versus this year's target.

Hyundai Mobis, a unit of the country's largest automaker Hyundai Motor Co, sees its 2003 net profit at 400 billion won ($334 million) versus 380 billion won estimated for this year, spokesman Kim Myung-in told Reuters.

The company expects sales of 4.7 trillion won next year compared to 4.1 trillion won this year, he said.

Main customers Hyundai Motor and its affiliate Kia Motors Corp <00270.KS> have posted hefty rises in sales this year as their models, offered at competitive prices and generous warranties overseas, gain greater appeal.

"We expect increased focus on auto parts module production to lead to higher sales and net profit next year," Kim said.