Kia's Operating Profit Approaches 3 Trillion...Biggest ever as of Q3

Kia's operating profit of nearly KRW 3 trillion in the third quarter of this year was the highest ever in the third quarter.

Kia said its operating profit in the third quarter of this year was KRW 2.9 trillion, up 0.6% from the third quarter of last year.

Revenue rose 3.8 percent to 26.5 trillion won and net profit rose 2.1 percent to 2.3 trillion won.

Kia explained that sales at home and abroad fell nearly 2% in the third quarter from last year, but continued to expand profitability due to sales of high value-added vehicles and falling raw material prices.

He then said that this year's cumulative management performance exceeded the business plan's target, adding that he would incinerate the remaining half of the 500 billion won worth of treasury stocks purchased in the first half of this year.

It also added that it will raise its annual performance forecast for this year to 105 trillion won to 110 trillion won in sales and 12.8 trillion won to 13.2 trillion won in operating profit.