Kia hikes second quarter net income to $1.06 billion

Article by Anita Panait, on July 26, 2013

Kia Motors Corp. posted a 7.7-percent increase in net income, excluding minority interests, in the second quarter of 2013 to KRW1.18 trillion ($1.06 billion), compared with KRW1.1 trillion in the same period in 2012. The South Korean carmaker’s second quarter results surpassed the KRW1.05 trillion average of 18 analysts' estimates compiled by Bloomberg in the past 28 days.

The carmaker posted a 4.5-percent hike in revenues in the second quarter of 2013 to KRW13.1 trillion. The carmaker’s strong performance in the quarter is attributable to its feat in China, where its sales soared 22 percent on higher demand for its K3 sedan.

The carmaker also posted a 1.5-percent increase in deliveries in Europe, helping it resist a current slump in the region, boosted by the popularity of its Sportage sports utility vehicle and the new Cee’d hatchback. In contrast, carmakers in Europe posted a 4.1-percent decline in sales, according to data compiled by Bloomberg.

Kia’s gains also allowed it to offset diving sales in the United States and in South Korea. Lee Hyun Soo, an analyst at Kiwoom Securities Co., told Bloomberg before the earnings announcement that sales growth in China sales helped Kia in the second quarter.

He said that “things look good” at Kia with new model releases planned and a new site in China set next year. Kia posted an 8.5-percent drop in operating profit in the second quarter of 2013 to KRW1.13 trillion, compared with the KRW1.01 trillion average of 18 analysts' estimates compiled by Bloomberg. The carmaker’s China site posted a 24-percent surge in sales in the second quarter of 2013, according to data on the carmaker's website. [source: Kia]

Topics: kia, income

If you liked the article, share on:

Pin It

Comments

Recommended

Tesla marked a major milestone as it surpassed Ford in market capitalization. Automaker Tesla, formerly known as Tesla Motors, closed out the trading on March 27, 2017, with a market...
by - March 30, 2017
The mid-cycle facelift for the Mercedes-Benz's S-Class have been disclosed to the public eye via these leaked shots. The images that recently surfaced and others like it were published online...
by - March 30, 2017
Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
McLaren car owners will be thanking the automotive company as it has decided to roll out new goodies for the 540C, 570S and 570GT sports car line-up. From this series...
by - March 29, 2017
On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries