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:

Comments

Login or Create new account to add a comment!

Recommended

Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
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