Kia Motors Q3 earnings plunge on production loss

[THE INVESTOR] Kia Motors, the nation’s No. 2 carmaker, on Oct. 27 reported its third-quarter operating profit of 524.8 billion won (US$463 million), a 22.5 percent plunge from a year ago.

Revenue also fell 3.1 percent to some 12.7 trillion won during the July-September period.

The company said its third-quarter earnings were hit hard by production loss at domestic plants and the strong Korean won against foreign currencies in overseas markets.

The company said it sold 684,302 vehicles during the cited period, up 3.9 percent from a year ago. Despite a 14.6 percent decline in exports from Korea, its overseas plants ramped up production by 30.3 percent, it said.

By Ahn Sung-mi (sahn@heraldcorp.com)