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Kia Posts First Operating Loss in 10 Years
Kia Motors Corp. swung to a 42 billion-won ($378 million) operating loss for July-September, its first such loss in a decade.
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Kia Motors Corp. swung to a 42 billion-won ($378 million) operating loss for July-September, its first such loss in a decade.
The turnabout is the result of Kia booking nearly 1 trillion won ($886 million) to cover a court ruling that affects how it calculates overtime pay and other benefits.
The company’s revenue for the quarter soared 11% to 14.1 trillion won ($12.4 billion), even though unit sales slid 4% to about 700,000 vehicles. The company says an upturn in domestic sales softened slumps in China and the U.S.
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