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S.Korea's Kia Motors post 39.6 pct fall in Q1 operating profit

Xinhua, April 27, 2017 Adjust font size:

South Korea's No.2 carmaker Kia Motors posted a double-digit fall in operating profit in the January-March quarter on weak demand from China, a regulatory filing showed Thursday.

Operating profit reached 382.8 billion won (339 million U.S. dollars) in the first quarter, down 39.6 percent from a year earlier.

Revenue rose 1.5 percent over the year to 12.84 trillion won in the quarter, but net income tumbled 19 percent to 765.4 billion won.

Kia's global auto sales numbered 641,686 units in the quarter, down 6.2 percent from a year earlier.

The company's car sales in overseas markets were hit hard as demand in China tumbled 35.6 percent. Auto sales in the United States posted a double-digit reduction.

Sales in the domestic market fell 5.1 percent amid the shortage of new models.

The South Korean currency's ascent to the U.S. dollar also contributed to the weaker profitability from overseas markets. Enditem