S. Korean car firm's profits rise

Source: Agencies | January 23, 2009, Friday |

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KIA Motors Corp, South Korea's second-largest auto maker, said yesterday that fourth-quarter net profit nearly doubled as sales rose amid weakness in the South Korean currency.

Kia Motors earned 74.8 billion won (US$54.7 million) in the three months ended December 31, the company said.

That marked a gain of 97.3 percent compared with the 37.9 billion won in net profit posted a year earlier.

Sales during the quarter rose 7.4 percent to 5.04 trillion won from 4.69 trillion won a year earlier.

The South Korean won fell 25.7 percent against the US dollar last year.

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S. Korean car firm's profits rise

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