Kia Corp., South Korea's second-largest automaker, said Friday its first-quarter net profit rose 32.5 percent on-year, backed by increased sales of SUVs, minivans and hybrid models. Net profit for the January-March period came to 2.8 trillion won (US$2 million) on a consolidated basis, compared with a profit of 2.1 trillion won a year ago, the company said in a regulatory filing. Operating profit reached 3.42 trillion won, up 19.2 percent from a year ago. Sales jumped 10.6 percent to 26.21 trillion won. The earnings beat market expectations. The average estimate of net profit by analysts stood at 2.24 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The company managed to improve its on-year performance despite a slight decrease in the number of vehicles sold. Kia sold 137,871 units in South Korea while shipping 622,644 overseas. The combined 765,515 units sold during the period represent a 1 percent drop from last year. Kia attributed its improved p erformance to an increase in its average selling price from its expanded portfolio of eco-friendly vehicles, such as hybrids, as well as SUVs and minivans. It also cited favorable exchange rates during the period for its improved bottom line. Source: Yonhap News Agency
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