South Korea's Kia Motors says Q2 net profit rises 40 per cent
South Korea's Kia Motors said that second-quarter net profit rose 40 per cent amid a gain in sales.
By Agencies |
SEOUL: South Korea's Kia Motors said Friday that second-quarter net profit rose 40 percent amid a gain in sales.
Kia earned 86 billion won (US$85.3 million) in the three months ended June 30, the company said in a statement.
Sales during the quarter rose 1.4 percent to 4.2 trillion won (US$4.2 billion), the company said.
Units sold, however, declined 6 per cent from the same period last year to 272,057 vehicles, the automaker said.
First half sales also declined, dropping 6.6 per cent from the same period last year to 523,688 vehicles, Kia said.
Kia is an affiliate of Hyundai Motor Co. Together, they form the world's fifth-largest automotive group. Both companies have been expanding aggressively overseas in recent years.
Kia's first plant in the United States is scheduled to open next year.
Shares in Kia, which released earnings results after the stock market opened, fell 1.7 per cent to close at 11,700 won ($12).
Kia's results usually follow Hyundai's by one day. Hyundai said Thursday that its second-quarter net profit declined 10.6 per cent from the year before, hurt by losses at units in Japan and India and currency losses related to U.S. dollar- and euro-denominated derivatives.
Kia earned 86 billion won (US$85.3 million) in the three months ended June 30, the company said in a statement.
Sales during the quarter rose 1.4 percent to 4.2 trillion won (US$4.2 billion), the company said.
Units sold, however, declined 6 per cent from the same period last year to 272,057 vehicles, the automaker said.
First half sales also declined, dropping 6.6 per cent from the same period last year to 523,688 vehicles, Kia said.
Kia is an affiliate of Hyundai Motor Co. Together, they form the world's fifth-largest automotive group. Both companies have been expanding aggressively overseas in recent years.
ADVERTISEMENT
Kia's first plant in the United States is scheduled to open next year.
Shares in Kia, which released earnings results after the stock market opened, fell 1.7 per cent to close at 11,700 won ($12).
Kia's results usually follow Hyundai's by one day. Hyundai said Thursday that its second-quarter net profit declined 10.6 per cent from the year before, hurt by losses at units in Japan and India and currency losses related to U.S. dollar- and euro-denominated derivatives.
ADVERTISEMENT
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
