Kia Motors (SEO:000270) Q2 Net Profit Quadrupled
Net profit for the three months ended June 30 soared to KRW347.09 billion from KRW85.96 billion a year earlier. Sales during the quarter rose 11.5 per cent to 4.68 trillion won from 4.19 trillion won a year earlier.
Weaker South Korean won against the US dollar helped boost sales revenue in overseas markets in the first half this year. The company said US dollar's 23% rise against the won in the second quarter helped offset lower demand abroad and a drop in the value of its exports as it shipped more small and midsized models.
Kia sold 74 per cent of its vehicles overseas during the first half of 2009 as global appetite for smaller cars was increasing.
Hyundai (SEO:005380), Kia's parent company, said last month that second-quarter net profit rose 48 per cent to a record high as robust sales in China and India helped it ride out the global auto slump.
According to a U.S. auto industry publication, Hyundai Kia Automotive Group has become the world's fourth largest carmaker in terms of unit sales, ranking after Toyota, General Motors and Volkswagen. The group's two carmakers sold about 2.153 million vehicles during the first half of the year.
Kia Motors Corporation
Hyundai Motor Company Limited