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March 29, 2024

Kia Motors’ Q2 net profit down 53%

PUBLISHED : July 27, 2017 - 11:13

UPDATED : July 27, 2017 - 11:13

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[THE INVESTOR] Kia Motors said on July 27 that its second-quarter net profit plunged 53 percent from a year earlier.

For the three months that ended on June 30, net profit declined to 389.6 billion won (US$350 million) from 825.8 billion won a year earlier, the company said in a statement.

“On top of political tension with China over the installation of a US missile defense system in South Korea, which Beijing objects to, high US incentive costs and the won‘s strength against the dollar also weighed on the quarterly results,” the statement said.

Operating profit fell 48 percent to 404 billion won in the second quarter from 770.9 billion won a year ago. Sales were down 6.0 percent to 13.578 trillion won from 14.450 trillion won during the same period in 2016, it said.

In the January-June period, net profit dropped 35 percent on-year to 1.155 trillion won. Operating profit plunged 44 percent to 786.8 billion won and sales were off 2.5 percent to 24.42 trillion won.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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