Kia Motors said net profit quadrupled in the first quarter on stronger sales and equity gains from affiliated companies.

Kia, South Korea's second-largest automaker, earned 398.6 billion won ($358 million) in the three months ended March 31, it said in a regulatory filing Friday. The company reported net profit of 97.4 billion won the same period last year.


Quote from the article:

The maker of the Forte small sedan and Sorento compact crossover SUV said sales during the quarter rose 39 percent to 4.86 trillion won from 3.5 trillion won a year earlier. Kia, which exports 65 percent of its domestic production, is an affiliate of Hyundai Motor Co. Together they form the world's fifth-largest automotive group. Global sales volume soared 69 percent to 474,625 vehicles, compared with 281,000 last year. "First-quarter results improved thanks to an increase in sales volume and the effect from new models," Kia finance chief Lee Jae-rok said in a press release. China sales soared 152 percent, the company said.

comments powered by Disqus