Seoul: Kia Corp. announced a net profit of 2.39 trillion won (US$1.7 billion) for the first quarter, marking a 14.8 percent decrease compared to the same period last year. The company released this information through a regulatory filing on Friday.
According to Yonhap News Agency, Kia's operating profit for the quarter was recorded at 3 trillion won, down from 3.42 trillion won in the previous year. Despite the decline in profits, the company experienced a 6.9 percent increase in revenue, totaling 28.01 trillion won for the quarter.
The company's earnings did not meet market predictions, as analysts had estimated an average net profit of 2.46 trillion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.