Kia profits up 28% to $757m

South Korea's second-biggest car maker Kia Motors reported a 28% jump in its third-quarter net profit from a year earlier, despite damaging strikes that hit production.

Consolidated net profit for the three months to September rose to ?829.46bn ($757m) from ?647.9bn a year earlier.

Operating profit rose 4.1% year-on-year to ?861.2bn, while sales were up 16% at ?11.62tn.

Kia workers launched partial strikes in July and August calling for higher wages and better working conditions. The walkouts cut production by 62,890 vehicles valued at ?1.035tn.

Kia, an affiliate of Hyundai Motors, sold 2.03m vehicles in the first nine months, up 11% from a year ago, although domestic sales fell 4.7 percent to 349,000 units.

Source: AFP via I-Net Bridge


 
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