April 27, 2024

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[THE INVESTOR] Kia Motors said on Jan. 25 its full-year net profit plunged 65 percent on a strong won and sales declines in major markets. 

For all of 2017, net profit nosedived to 968 billion won (US$913 million) from 2.755 trillion won a year earlier, the company said in a statement.

The won’s strength against the dollar and political tensions with China over the deployment of a US anti-missile system in Korea impacted the carmaker’s annual sales results.

Operating profit slumped 73 percent to 662.2 billion won last year from the previous year’s 2.462 trillion won. Sales rose 1.6 percent to 53.536 trillion won from 52.713 trillion won during the same period, it said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)