Kia Motor's profit tumbles on strong won
SEOUL, South Korea - Kia Motors Corp. says its fourth-quarter operating profit was halved as the won's rise erased overseas earnings and production was disrupted by a strike.
South Korea's second-largest car maker said Friday its October-December operating income plunged 51 per cent from a year earlier to 404.3 billion won ($376.4 million).
Revenue rose 3 per cent to 11.3 trillion won. Net profit, which included accounting gains from stakes in affiliate companies, fell 7 per cent to 737.5 billion won.
Kia Motors blamed the lower profit on the strong won and a strike in the third quarter that interrupted vehicle production.
The company gave a dim outlook for 2013 citing weak demand at home and the local currency's continued rise against the U.S. dollar and Japanese yen.