South Korea's Kia Motors posts 29-percent increase in Q4 profit
January 25, 2014, 12:03 am TWN
SEOUL--South Korea's Kia Motors on Friday posted a 29-percent surge in fourth-quarter net profit, partly due to increased sales of pricier models, but warned of an uncertain outlook owing to stiff competition and a strong won.
Net profit rose to 949 billion won (US$882 million) from 737.4 billion won in the same period last year when it set aside 200 billion won to compensate U.S. buyers for inaccurate fuel-consumption estimates in some vehicles.
Sales rose 4.3 percent year-on-year to 11.76 trillion won and operating profit soared 61 percent to 650 billion won.
But for 2013, net profit fell 1.2 percent year on year to 3.81 trillion won, the company said, citing labor strikes, a strong local currency and poor domestic sales.
Last year operating profit dropped 9.8 percent to 3.17 trillion won while sales were up 0.8 percent to 47.6 trillion won.