October 21, 2014
SEOUL, South Korea (AP) - Kia Motors Corp. says its fourth-quarter operating profit was halved as the won's rise erased overseas earnings and production was disrupted by a strike.
South Korea's second-largest car maker said Friday its October-December operating income plunged 51 percent from a year earlier to 404.3 billion won ($376.4 million).
Revenue rose 3 percent to 11.3 trillion won. Net profit, which included accounting gains from stakes in affiliate companies, fell 7 percent to 737.5 billion won.
Kia Motors blamed the lower profit on the strong won and a strike in the third quarter that interrupted vehicle production.
The company gave a dim outlook for 2013 citing weak demand at home and the local currency's continued rise against the U.S. dollar and Japanese yen.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.