Kia profits up

Kia Motors Profits Up 28% in 3Q

The company sold 2.03 million vehicles in the first nine months, up 11% from a year ago.

South Korea's second-biggest car maker Kia Motors on Friday reported a 28% jump in its third-quarter net profit from a year earlier, despite damaging strikes that hit production.

Consolidated net profit for the July-September period rose to 829.46 billion won (US$757 million) from 647.9 billion won a year earlier.

Operating profit rose 4.1% year on year to 861.2 billion won, while sales were up 16% at 11.62 trillion.

Kia workers launched partial strikes in July and August calling for higher wages and better working conditions. The walkouts cut production by 62,890 vehicles valued at 1.035 trillion won.

Kia, an affiliate of Hyundai Motor, sold 2.03 million vehicles in the first nine months, up 11% from a year ago, but domestic sales fell 4.7% to 349,000.

Copyright Agence France-Presse, 2012

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