Hyundai Motor affiliate Kia Motors on Friday said global incentives to boost new car sales and a weaker won had produced a record quarterly net profit of KRW402bn ($US339m) in July-September, taking it back into the black after the net loss of KRW22.1bn a year ago.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Operating profit surged to KRW313.5bn from KRW53.7bn, while sales rose 32% to 4.509 trillion won from 3.427 trillion in 2008.
Repatriated earnings were boosted by the dollar’s strength against the won for most of this year, AFP reported. The US currency gained 28% to an average of 1,300 in the first nine months compared with 1,017 a year before.
Kia has launched new Forte, Soul and Lotze models this year and adds the K7 sedan next month.
Kia noted that sales in China, where it assembles some models, were a key contributor to the good Q3 result, along with recovery in the United States and Europe.
