Kia Motor's Profit Tumbles on Strong Won

By: Associated Press Email
By: Associated Press Email

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.

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