[Asia Economy Reporter Oh Ju-yeon] Kia Motors, which announced strong third-quarter earnings, showed a strong performance by rising more than 9% during trading on the 27th.
As of 3:28 PM on the 27th, Kia Motors was trading at 52,500 KRW, up 9.49% compared to the previous trading day.
The previous day, Kia Motors disclosed that its third-quarter operating profit based on consolidated financial statements was tentatively estimated at 195.2 billion KRW. Although this represents a 33% decrease compared to the same period last year, the company avoided turning to a loss despite incurring large-scale quality costs. Operating profit excluding one-time expenses was 1.21 trillion KRW, far exceeding the consensus of 508.4 billion KRW.
Third-quarter sales were recorded at 16.3218 trillion KRW, an 8.2% increase compared to the same period last year. Ordinary profit decreased by 48% to 231.9 billion KRW, and net profit decreased by 59% to 133.7 billion KRW.
Lee Kyung-min, a researcher at Daishin Securities, stated, "The Ministry of Economy and Finance's announcement of future automobile expansion and market preemption strategies contributed to the rise in the industry, along with expectations for future car development."
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