Market Commentary and Intraday News
Kia Motors misses forecast in 3Q profit
211 days ago
(AP:SEOUL, South Korea) Kia Motors Corp. reported its third-quarter profit came in below expectations, impacted by a labor strike and weak demand at home.
South Korea's second-biggest carmaker said Friday its July-September quarter's net income rose 28 percent over a year earlier to 829 billion won ($755 million). Operating income reached 861 billion won, up 4 percent from a year earlier on revenue of 1.16 trillion won.
Net profit declined 24 percent from the previous quarter, after a labor strike lowered production by 62,890 cars worth $94 million.
Net profit and operating income came in below market forecasts. Kia's shares fell more than 5 percent in Seoul.
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