Seoul, South - Kia Motors Korea said quarterly earnings increased by 91% as revenues sales and increased volume in Korea South and abroad in the rising prices of vehicle.
Kia Motors, creator of the Sorento crossover and Optima sedan won 953.2 billion won (889 million dollars) in the three months ending March 31, it said Friday. That compared to a net profit of 498.5 billion won a year earlier.
Kia Motors Corp. is the second largest constructor of the Korea in the South behind Hyundai Motor Co. together, the two companies formed fifth Automotive Group in the world.
KIA first quarter, sales increased 37 per cent to 10.7 billion won.
Vehicle sales totaled 619,089 in the first quarter, up from 30% to the previous year, said Kia. Domestic sales increased by 20%, exports gained 37 per cent and sales of Kia plants overseas rose by 29%.
Average selling prices for vehicle Kia rose 4.5 percent in South Korea and 10% for exports, the company said. The company also said that its bottomline was strengthened by gains in investments in shares, for a total of 41 billion won to the auto parts manufacturer South Korean Hyundai Mobis, Hyundai Steel and Kia joint venture in China.
Kia shares fell by 3.5% to close Friday at 76,500 won. Still, price of the shares in the company climbed 52 percent this year.
Results of the KIA came one day after Hyundai Motor, said net income rose 46 percent to 1.88 trillion won and sales increased 21% to 18.2 billion won.
Hyundai and Kia have continued the aggressive two expansion overseas. Hyundai has factories in China, the India, Czech Republic, Turkey, Montgomery (Alabama) in the United States and Russia and puts in place a at the Brazil. KIA, meanwhile, has plants in China, Slovakia and United States at West Point in Georgia.
KIA said its first quarter results were now based on with international financial reporting standards, or IFRS.
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