In contrast with Hyundai Motor, its sister automaker Kia Motors saw its operating profit jump 23.8 percent to 633.6 billion won ($554 million) in the first quarter from the same period last year, boosted by sales in its sport utility vehicle lineup, according to the company Wednesday.
Hyundai Motor’s operating profit fell 15.5 percent to 1.34 trillion won on-year in the first quarter, hit by sales drop in China.
Kia’s net profit also increased 4.6 percent to 944.6 billion won during the January-March period compared to 903.2 billion won a year ago.
The revenue rose 13.2 percent to 12.65 trillion won.
“Sales growth in recreational vehicles, the impact from newly launched models such as the Sportage and K7 and depreciation of the won against the dollar lifted earnings in the first quarter,” the company said in a press release.
By Seo Jee-yeon (jyseo@heraldcorp.com)