Seoul: Kia Corp., South Korea's second-largest carmaker, has announced a significant decrease in its second-quarter net income, reporting a figure of 2.26 trillion won (US$1.6 billion). This marks a 23.3 percent decline compared to the same period last year.
According to Yonhap News Agency, Kia's operating income for the April-June period was 2.76 trillion won, reflecting a 24.1 percent reduction from the previous year. Despite the downturn in profits, the company's sales saw an increase of 6.5 percent, reaching 29.34 trillion won.
The financial results fell short of market expectations. Analysts had projected an average net profit of 2.47 trillion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.