A hydrogen fuel cell power generator at a Hyundai Mobis plant in Chungju, North Chungcheong Province / Courtesy of Hyundai Mobis

Hyundai Mobis, Korea's leading auto parts maker, said Friday its first-quarter net profit rose 2.4 percent on-year thanks to increased overseas demand for components used in after-sales customer service.

Net profit for the January-March period came to 862.4 billion won ($627.2 million) on a consolidated basis, compared with a profit of 841.8 billion won a year ago, the company said in a regulatory filing.

Operating profit reached 542.7 billion won, up 29.8 percent from a year ago. Sales fell 5.4 percent to 13.86 trillion won.

The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 875.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hyundai Mobis said it saw an upward trend in profit thanks to increased global demand for after-sales service components and favorable foreign exchange rates during the cited period. Sales of the company's after-sales parts business rose to 2.93 trillion won thanks to increased demand in America and Europe.

Overall sales for the company, however, experienced a decrease in line with uncertainly and stagnation in the auto industry as of late, particularly in the electric vehicle sector, Hyundai Mobis added.

In particular, sales of the company's module and core component business dropped 9.1 percent to 10.9 trillion won, affected by a decrease in vehicle production in the industry.

During the quarter, Hyundai Mobis achieved $1.81 billion in orders from global customers, the company said. Hyundai Mobis said it will strive to maximize shareholder value by making active investments in the future mobility market. (Yonhap)