S Korea’s Kia sees small drop in Q2 net profit | Pakistan Today

S Korea’s Kia sees small drop in Q2 net profit

South Korea’s second largest automaker Kia Motors said Friday its second-quarter net profit fell 2.8 percent from a year earlier due to losses on shareholdings in affiliates. Net profit in April-June was 1.09 trillion won ($954 million) compared to 1.12 trillion won a year earlier, the company said. Sales rose 8.4 percent to 12.6 trillion won, while operating profit jumped 18 percent to 1.2 trillion won. For the first half net profit rose 10.4 percent year-on-year to 2.3 trillion won on the back of strong overseas sales. The company sold 1.39 million units globally in the first six months, up 12 percent from a year earlier. Kia is an affiliate of South Korea’s largest automaker Hyundai Motor. The two together form the world’s fifth-largest carmaking group by sales.

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