Kia Motors says strong won hit its bottom line in Q2

Home > Business > Industry

print dictionary print

Kia Motors says strong won hit its bottom line in Q2

Kia Motors said Friday that its second-quarter net profit fell 15 percent from a year earlier on a strong won and increased incentives to cut inventories.

Net profit for the three months that ended on June 30 fell to 331.8 billion won from 389.6 billion won a year earlier, the company said in a statement.

“The won rose sharply against the dollar. And the company spent more incentives in the U.S. market to reduce local inventories [of sedans],” the statement said.

The dollar fell to an average of 1,078.57 won in the second quarter from 1,129.43 won a year earlier, according to the Bank of Korea.

Operating profit declined 13 percent to 352.6 billion won in the June quarter from 404 billion won a year ago. Sales rose 3.5 percent to 14.06 trillion won from 13.58 trillion won during the same period.

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)