ID :
26471
Sat, 10/25/2008 - 13:03
Auther :
Shortlink :
https://www.oananews.org//node/26471
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Kia Motors Q3 net loss narrows sharply
SEOUL, Oct. 24 (Yonhap) -- Kia Motors Corp., South Korea's No. 2 carmaker, said Friday its third-quarter net loss narrowed sharply as it sold more fuel-efficient cars despite slowing demand worldwide due to the global economic downturn.
Kia, an affiliate of Hyundai Motor Co., said net loss was 22 billion won
(US$15.6 million) in the July-September period, compared with a loss of 55
billion won the previous quarter.
Sales rose 4.9 percent to 3.42 trillion won. Third-quarter operating profit, or
sales minus the cost of goods sold and administrative expenses, stood at 53.6
billion won, a turnaround from a loss of 116.4 billion won a year earlier.
The won's weakness against the U.S. dollar partly helped Kia's price
competitiveness overseas, analysts say.
"Impacts of a favorable currency rate, cost-cutting efforts and strong sales of
new models improved third-quarter results," Kia said in a statement.
On Thursday, Hyundai posted a 38 percent decline in its third-quarter net profit,
citing cooling demand and rising overseas warranty costs.
Kia, an affiliate of Hyundai Motor Co., said net loss was 22 billion won
(US$15.6 million) in the July-September period, compared with a loss of 55
billion won the previous quarter.
Sales rose 4.9 percent to 3.42 trillion won. Third-quarter operating profit, or
sales minus the cost of goods sold and administrative expenses, stood at 53.6
billion won, a turnaround from a loss of 116.4 billion won a year earlier.
The won's weakness against the U.S. dollar partly helped Kia's price
competitiveness overseas, analysts say.
"Impacts of a favorable currency rate, cost-cutting efforts and strong sales of
new models improved third-quarter results," Kia said in a statement.
On Thursday, Hyundai posted a 38 percent decline in its third-quarter net profit,
citing cooling demand and rising overseas warranty costs.
