ID :
213122
Fri, 10/28/2011 - 05:31
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https://oananews.org//node/213122
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Kia Motors Q3 net falls 8 pct
(ATTN: RECAST lead; UPDATES share price in 4th para; ADDS more details from 4th para)
SEOUL (Yonhap) - Kia Motors Corp., South Korea's second-largest automaker, said Friday that its third-quarter earnings declined 8 percent from a year earlier mainly due to loss from equity ties with its steelmaking affiliate.
Net profit reached 648 billion won (US$587 million) in the July-September period, compared with a profit of 704 billion won a year earlier, the company said in a regulatory filing.
Sales surged 14.9 percent to 9.99 trillion won over the cited period, and operating income spiked 21.9 percent to 828 billion won.
Shares of Kia Motors were trading at 73,900 won on the Seoul bourse as of 10:19 a.m., up 1.51 percent.
Hyundai Steel Co., South Korea's second-largest steelmaker, reported a quarterly loss of 127 billion won. Kia Motors hold a stake of some 21 percent in Hyundai Steel.
Kia Motors sold some 61,1000 vehicles during the third quarter, up 19.3 percent from a year earlier, led by strong demand for the K5 sedan and Sportage R utility vehicle.
The automaker sold a total of 1.85 million units in the past three quarters, up 23.4 percent from a year earlier, it said.
The automaker posted a net profit of 2.73 trillion won in the first nine months of the year, up 45.2 percent from a year earlier, and operating income surged 51.4 percent to 2.69 trillion won over the cited period.
Sales also spiked 25.2 percent to 32.2 trillion won over the cited period, it said.
Kia Motors, however, expected business conditions during the remainder of the year would worsen due to increased competition with foreign rivals and economic uncertainties.
SEOUL (Yonhap) - Kia Motors Corp., South Korea's second-largest automaker, said Friday that its third-quarter earnings declined 8 percent from a year earlier mainly due to loss from equity ties with its steelmaking affiliate.
Net profit reached 648 billion won (US$587 million) in the July-September period, compared with a profit of 704 billion won a year earlier, the company said in a regulatory filing.
Sales surged 14.9 percent to 9.99 trillion won over the cited period, and operating income spiked 21.9 percent to 828 billion won.
Shares of Kia Motors were trading at 73,900 won on the Seoul bourse as of 10:19 a.m., up 1.51 percent.
Hyundai Steel Co., South Korea's second-largest steelmaker, reported a quarterly loss of 127 billion won. Kia Motors hold a stake of some 21 percent in Hyundai Steel.
Kia Motors sold some 61,1000 vehicles during the third quarter, up 19.3 percent from a year earlier, led by strong demand for the K5 sedan and Sportage R utility vehicle.
The automaker sold a total of 1.85 million units in the past three quarters, up 23.4 percent from a year earlier, it said.
The automaker posted a net profit of 2.73 trillion won in the first nine months of the year, up 45.2 percent from a year earlier, and operating income surged 51.4 percent to 2.69 trillion won over the cited period.
Sales also spiked 25.2 percent to 32.2 trillion won over the cited period, it said.
Kia Motors, however, expected business conditions during the remainder of the year would worsen due to increased competition with foreign rivals and economic uncertainties.
