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Kia Q1 net plunge 59 pct on virus impact

All News 10:09 April 24, 2020

SEOUL, April 24 (Yonhap) -- Kia Motors Corp. said Friday its first-quarter net profit plunged 59 percent from a year earlier due to the coronavirus impact on production and sales.

Net profit plunged to 265.97 billion won in the first quarter from 649 billion won a year ago, Kia said in a regulatory filing.

Operating profit for the January-March period fell 25 percent on-year to 444.5 billion won from 594 billion won. Sales increased 17 percent to 14.56 trillion won from 12.44 trillion won.

The operating profit was 30 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

※ This article was generated by Yonhap's proprietary algorithm using data from Yonhap Infomax and Korea Exchange(KRX).

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