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Kia Motors sees Q3 profit rise 9.4 pct on currency, SUVs

All News 15:37 October 24, 2019

SEOUL, Oct. 24 (Yonhap) -- Kia Motors Corp., South Korea's second-largest carmaker by sales, said Thursday its third-quarter net profit rose 9.4 percent from a year earlier on a weak won and strong sales of sport utility vehicles.

For the three months that ended Sept. 30, net profit rose to 325.8 billion won (US$277 million) from 297.7 billion won a year ago, the company said in a statement.

Higher demand for the Telluride SUV in the United States helped boost the quarterly earnings, but one-off costs worth 300 billion won involving a U.S. engine lawsuit settlement limited the net result.

The Telluride, produced in Kia's U.S. plant, was launched in the U.S. last year and is sold only in North American markets.

Operating profit more than doubled to 291.5 billion won in the third quarter from 117.3 billion won a year ago, while sales were up 7.2 percent to 15.09 trillion won from 14.07 trillion won.

This file photo provided by Kia Motors shows its flagship Telluride SUV. (PHOTO NOT FOR SALE) (Yonhap)


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