Kia’s Fourth-Quarter Profits Climb 29%

Kia Motor Corp.'s net income for September-December jumped to 949 billion won ($882 million) from 737 billion won in 2012.

Revenue for the fourth quarter rose 4% to 11.8 trillion won ($11 billion), and operating profit zoomed 61% to 650 billion won ($604 million). Quarterly vehicle sales advanced 1% to 2.75 million units worldwide.

For the full year, revenue grew less than 1% to 47.6 trillion won ($44 billion). Net profits receded 1% to 3.8 trillion won ($3.5 billion). Operating profit shrank 10% to 3.2 trillion won ($2.9 billion). It was the company's weakest growth rate since 2006.

Demand for the company's vehicles sales rose 4% to 2.83 million units worldwide last year in spite of a 5% decline in South Korea. Exports expanded 2%, and production outside the country climbed nearly 9%. The company forecasts sales in 2014 will reach 2.96 million vehicles.

Like its majority owner Hyundai Motor Co., Kia blames last year's declines on a strong Korean won, disrupted production in Korea and stiffer competition. Both companies caution that the same negative pressures will continue in 2014.