Kia Motor's Q4 profit halved on strong won, strike
- South Korea: Sunday, January 27 - 2013 at 05:07
South Korea's second-largest carmaker Kia Motors Corp has said its fourth-quarter operating profit fell by around 50% as the won's rise erased overseas earnings and production was disrupted by a strike, the Associated Press has reported. The company said its October-December operating income plunged 51% from a year earlier to 404.3 billion won ($376.4m). Kia said a moderate increase is expected in its annual car sales this year to 2.75 million vehicles from 2.72 million in 2012, due to weak demand at home and the local currency's continued rise against the US dollar and Japanese yen.
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