Home » Uncategorized » Kia makes a profit, but 80% less than last year

Kia makes a profit, but 80% less than last year

Kia might have strangely charming commercials, but that hasn’t translated to financial success this quarter. The Korean company saw their profits fall like a rock. Their net profits for the quarter ending on January 31 were $41 million, down 80% from the previous quarter.

The relatively dismal results were the result of factors largely out of their control. The Korean Won has been very strong in recent months, especially against the U.S. Dollar. That’s bad news for a company that relies so heavily on exports. The higher Won makes their cars relatively more expensive in foreign markets. If it weren’t for the currency issues, the results would have been far better. Sales for the quarter were up a respectable 11% over the previous year to $4.7 billion.

In an apparent attempt to avoid the currency problems, the company has a plant planned in Georgia (the state, not the country) that is scheduled to open in 2009. A European factory in Slovakia will open later this year, as will a second factory in China.

About T.O. Whenham

Check Also


Try Oculus Rift And Wii To Roam Around On The Back To The Future Hoverboard

Check out how you can fly in virtual space by using an Oculus Rift and a Wii Balance Board.


Amazon Appstore for Android Holiday Deals, Including Free Apps

There are tons of deals from the Amazon Appstore that will be offered starting now and throughout the holiday shopping season. They say that they will have "hundreds of titles that are eitehr free... or available between 50-90% off" the regular price.


Black Friday: Google Play Store Apps, Games and Content on Sale All Weekend

Case in point, if you head over to the Google Play Store right now, you'll find that Google is celebrating all Cyber Weekend with discounts on all sorts of content. This includes many popular apps and games


Black Friday Deal: Samsung Galaxy Tab 3 10.1-Inch for $100 Off

Did you manage to score any epic Black Friday deals this morning? Are you still ...


Arduino Co-Creator Releases Plans for $200 DIY Mobile Phone

Mellis was one of the people who came up with the now hugely popular Arduino platform and now he has come up with plans for people to build their own cell phone for about $200 in parts.


No Discounts for Apple Black Friday, Just Free Gift Cards

If you were hoping to save yourself some cash as you brave the Black Friday shopping crowds, you'll want to go somewhere other than the official Apple Stores.