SEOUL, Jan 28 — Kia Motors, South Korea’s No.2 automaker, reported a 5 per cent rise in its fourth-quarter profit today, fueled by continued strong sales of new models at home and abroad.
Kia, an affiliate of Hyundai Motor, made a 631 billion won (RM1.7 billion) net profit for the quarter ended December, missing a consensus forecast of 675.2 billion won from Thomson Reuters I/B/E/S.
This compared with 604 billion won a year ago and 667 billion won in the third quarter of 2010.
But its quarterly operating profit beat market forecasts, up 28 per cent from a year ago. Its sales climbed 21 per cent in the fourth quarter.
Kia shares have risen 16.8 per cent this year, outperforming the broader market’s 3 per cent gain. — Reuters