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Kia’s Profits Plunge 54%
Kia Motors Corp. reports its net profit in the fourth quarter of 2014 plummeted to 436 billion won ($405 million) from 949 billion won a year earlier.
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Kia Motors Corp. reports its net profit in the fourth quarter of 2014 plummeted to 436 billion won ($405 million) from 949 billion won a year earlier.
The company's operating profit for the period dropped 23% to 501 billion won ($465 million). Revenue slipped less than 1% to 11.7 trillion won ($11 billion).
Like its parent Hyundai Motor Co., Kia blames a weak market in Russia, high sales incentive costs in the U.S. and a strengthening won. Kia also warns that this year's business environment is likely to remain "unfavorable" because of growing competitions and geo-political risks in emerging markets.
Kia expects its worldwide unit sales to grow nearly 4% to 3.15 million vehicles in 2015.
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