The Strategist

Kia Motors net profit falls over 2.4 times in Q1


04/24/2020 - 10:24



Net profit of the South Korean automobile company Kia Motors in the first quarter of 2020 fell by 2.4 times - to 266 billion Korean won ($216 million), the company said.Net profit of the South Korean automobile company Kia Motors in the first quarter of 2020 fell by 2.4 times - to 266 billion Korean won ($216 million), the company said.



MisterSanderson
MisterSanderson
At the same time, revenue for the quarter amounted to 14.567 trillion won ($11.8 billion), an increase of 17% compared with a year ago. Operating profit declined 25% to 445 billion won ($361 million). For the current quarter, the company sold 649 thousand cars, which is 1.9% less than the previous year.

The company notes that in the first quarter, global shipments and sales of cars, especially in China, declined due to quarantine measures in connection with the COVID-19 pandemic. Kia suggests that performance could worsen in the second quarter.

Kia Motors is a South Korean automobile company, founded in 1944. Annually, it produces about 3 million cars, has 14 factories in five countries.

source: reuters.com




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