Seoul:South Korea's second-largest carmaker Kia Corp. announced a third-quarter net income of 1.28 trillion won (US$961.6 million) on Friday, marking a 9.6 percent decrease from the previous year.
According to Yonhap News Agency, Kia Corp., which is part of the Hyundai Motor Group, disclosed in a regulatory filing that its operating profit for the July-September period was 1.81 trillion won, representing a significant 24.3 percent increase from a year earlier. Additionally, the company's revenue saw a 10.1 percent rise, reaching 31.59 trillion won.
Despite these gains in operating profit and revenue, the overall earnings did not meet market expectations. Analysts had projected an average net profit of 1.96 trillion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.