SNT Motiv net income rises 68 percent in second quarter

SNT Motiv said Friday its second-quarter net income rose 68.1 percent from a year earlier to 23.8 billion won ($16.7 million).

Revenue remained nearly flat at 258 billion won ($180 million), up 0.2 percent, while operating profit fell 3 percent to 25.8 billion won ($18.1 million). For the first half of the year, cumulative net income climbed 37.3 percent to 48.7 billion won ($34 million).

Vehicle components dominated the portfolio in the first quarter, accounting for 85.3 percent of total sales with 184 billion won ($129 million) in revenue. Automotive motors were the largest contributor at 102 billion won ($71.5 million), followed by engine and powertrain parts at 49.7 billion won ($34.7 million).

Exports represented 82.1 percent of consolidated sales in the first quarter. The company plans to expand its footprint in the United States, China and Europe by securing new orders for hybrid and electric vehicle components.

SNT Motiv also intends to leverage its local subsidiary, SNT GULF, as a forward base for production and maintenance in Saudi Arabia to broaden technology cooperation and after-sales service operations across the Middle East and Africa.

"As military modernization projects in Middle Eastern countries become more active, the scale and importance of the region's defense market are growing further," a company official said.