Kia Motors Reports $73M Net Profit for Q1

Posted: May 11, 2009 in Kia

South Korea’s second-largest car maker Kia Motors has remained in the black for two consecutive quarters, thanks to a weaker won and the popularity of its new models.

Kia recorded a net profit of 97.38 billion won ($72.5 million) in the three months ended March 31, it said in a regulatory filing. Kia reported a net loss of 24.84 billion won the same period last year.

The won traded 32 percent lower against the dollar on average in the first quarter compared with the same period in 2008, according to Bank of Korea data. A weaker won can boost profits earned abroad when repatriated and can make South Korean products cheaper in overseas markets.

Domestic sales gained 6.4 percent from the year before as South Koreans purchased small models introduced in the second half of last year, including the Soul, Kia said.

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