Home   >   Business   >   Kia Motor’s 2014 net profit drops 21.6 pct despite higher sales

Kia Motor’s 2014 net profit drops 21.6 pct despite higher sales

January 23, 2015
(Courtesy of Kia Motors)

(Courtesy of Kia Motors)

SEOUL (Yonhap) — Kia Motors Corp., South Korea’s second-largest automaker, said Friday its net profit dropped 21.6 percent on-year in 2014 as profitability worsened from the strong won and unfavorable business conditions in global markets.

Net income came to 2.99 trillion won (US$2.75 billion) last year, compared with 3.92 trillion won reported a year earlier, the company said in a regulatory filing.

Operating profit also fell 19 percent on-year to 2.57 trillion won, while sales edged down 1.1 percent to 47.1 trillion won.

Kia Motors, an affiliate of market leader Hyundai Motor Co., said it sold a total of 3,041,048 vehicles at home and abroad last year, up 7.6 percent, or 213,956 units, from a year earlier.