April 25, 2024

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[THE INVESTOR] Kia Motors said on Jan. 25 its net profit fell 10 percent in the October-December period from a year earlier.

Net profit for the three months declined to 94.3 billion won (US$84 million) from 104.8 billion won the previous year, Korea’s No. 2 carmaker said in a statement.   

Operating profit jumped 26 percent to 382 billion won in the fourth quarter from 302.4 billion won a year ago. Sales were up 3.6 percent to 13.473 trillion won from 13.006 trillion won over the same period. 

Citing the trade war between the United States and China, spreading protectionism and higher interest rates as major challenges ahead, Kia CFO Joo Woo-jeong said the company will focus on strengthening its SUV lineup to boost sales in major markets.

“We will make 2019 a turnaround year for sustainable growth by launching new models, such as the Telluride SUV, the all-new Soul box car and an entry-level SUV (with the project name of SP2) in the U.S market,” Joo said.

This year, Kia aims to sell 2.92 million vehicles globally, slightly higher than the 2.81 million units it sold last year.

By Ram Garikipati and newswires (ram@heraldcorp.com)