Hyundai Motor affiliate Kia Motors posted KRW12.55 trillion won ($11.02bn) in sales and operating profit of KRW1.21 trillion for the second quarter (Q2) this year, up 8.4% and 18.1% year on year respectively, and setting quarterly records.
But net profit contracted 2.8% to KRW 1.96 trillion, the Maeil newspaper said.
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First half sales were KRW24.34 trillion and operating profit was KRW2.33 trillion but the latter’s growth disappointed as it was below double figures at 9.7%.
“Increased spending on public relations and advertising for new cars put a strain on achieving double-digit OP growth,” a market analyst noted.
Global sales rose 12.4% to 1.39m units as domestic sales slumped 3.9% due to a sluggish economy and rising foreign competition.
