Kia Sees Small Drop in Q2 Net Profit

Kia combined with Hyundai Motor creates the world's fifth-largest auto manufacturing group by sales.

 

South Korea's second largest automaker Kia Motors (IW 1000/103) said Friday its second-quarter net profit fell 2.8% from a year earlier due to losses on shareholdings in affiliates.

Net profit in April-June was 1.09 trillion won (US$954 million) compared to 1.12 trillion won a year earlier.

Sales rose 8.4% to 12.6 trillion won, while operating profit jumped 18% to 1.2 trillion won.

For the first half net profit rose 10.4% year-on-year to 2.3 trillion won on the back of strong overseas sales.

The company sold 1.39 million units globally in the first six months, up 12% from a year earlier.

Kia is an affiliate of South Korea's largest automaker Hyundai Motor. The two together form the world's fifth-largest carmaking group by sales.

Copyright Agence France-Presse, 2012

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