Wheels24

Record global profit for Kia

2012-01-27 08:39

SEOUL, South Korea – Kia, the second-most prolific automaker after sister company Hyundai in this Asian country, has posted a record profit for 2011 thanks to brisk overseas sales and bigger returns in investment in affiliated firms.

Net profit soared by 30.4% from 2010 to the equivalent of about R25-billion.

Sales jumped 20.6% year-on-year and operating profit was up by 42%. The automaker sold 2.48-million cars in 2011, 18.6% more than the previous year, thanks, Kia said, to solid sales of new models and an improved brand image.

CHINA GROWING TOO

Overseas sales were particularly brisk despite the eurozone crisis and the global economic slowdown, it said. Those in the US were 36.3% at 485 000 vehicles but domestic sales crept up by only  1.7% to 492 000.

Sales in China were up 29.9% to 433 000, those in the European market 12.2% to 290 000. Sales in other regions rose 18.4% to 778000.

AFP