Hyundai Motor affiliate Kia said yesterday that net profit for the first quarter fell 14% due to a drop in vehicle sales.
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Net income fell to 98.9 billion won ($US78 million) in January-March 2002 period from 115.5 billion won in Q1 2001. Operating profit fell 31% to 120.2 billion won, while sales slipped 1.6% to 2.8 billion won.
Bloomberg News reported that Kia’s overall sales reduced during the quarter because it revamped assembly lines to prepare to build new Sorento and Carens sport-utility vehicles.
According to Bloomberg, Kia sold 221,437 vehicles in the first three months, 5.9% fewer than a year earlier. Domestic sales rose 8.9% to 98,526 vehicles but exports dropped 15% to 122,911 units.
Bloomberg said that Kia expects full-year sales to rise 12% to 13.9 trillion won and projects this year’s vehicle sales will rise 6.6% to 962,000 units.
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