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.