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.
Via moneycentral.msn.com
|
 Reader Ratings |
|
| This article has been rated 80% by 1 user(s).
|
|
Recent Headlines
Feature: Do We Still Need FM Transmitters?- posted on Friday September 5, 2008 8:52 PM CDT
Integrated 3G Connectivity Inside Dell Mini 9 Netbook?- posted on Friday September 5, 2008 3:44 PM CDT
Future Shop Selling LG Keybo for 20 Bucks- posted on Friday September 5, 2008 3:33 PM CDT
The Reason Why Garmin Can Offer Free Lifetime Traffic Alerts- posted on Friday September 5, 2008 3:27 PM CDT
FCC Approves LG Venus-Inspired Fly E310 Attitude- posted on Friday September 5, 2008 3:21 PM CDT
Best Bang for Your Back to School Notebook Buck- posted on Friday September 5, 2008 3:00 PM CDT
SanDisk Getting Purchased by Samsung for Flash Dominance- posted on Friday September 5, 2008 2:44 PM CDT
Rogers to Offer Improved iPhone 3G Plans on October 1- posted on Friday September 5, 2008 2:39 PM CDT
OLPC Coming to Amazon in November: Buy One for the Price of Two- posted on Friday September 5, 2008 2:33 PM CDT
QWERTY-packing LG Prada II Gets Spec'd- posted on Friday September 5, 2008 2:22 PM CDT
Google Android Getting Google Chrome-Based Mobile Browser- posted on Thursday September 4, 2008 4:00 PM CDT
New Nintendo DS Lite with Dual Touchscreens Early Next Year- posted on Thursday September 4, 2008 3:50 PM CDT
A Little Bit of Bling with Motorola MOTOJEWEL Cell Phone- posted on Thursday September 4, 2008 1:26 PM CDT
HP Reduces Individual Consumer Packaging by 97%- posted on Thursday September 4, 2008 1:21 PM CDT
"Jervy" Wins Canadian Texting Championship- posted on Thursday September 4, 2008 1:14 PM CDT
Neo Ellipse Mobile Phone Screams with Style- posted on Thursday September 4, 2008 1:07 PM CDT
Motorola Alexander Smartphone is the MOTO Q11?- posted on Thursday September 4, 2008 12:49 PM CDT
Japanese Movie Posters with Near Field Communication- posted on Thursday September 4, 2008 12:44 PM CDT
Dell's Netbook Officially Launched, Called Mini 9- posted on Thursday September 4, 2008 12:31 PM CDT
Sony Vaio TZ-Series Notebooks Catch on Fire (Not Battery-Related)- posted on Thursday September 4, 2008 12:25 PM CDT
Fullest Full Fido Plan Comes with $1,000 System Access Fee- posted on Wednesday September 3, 2008 7:39 PM CDT
How Can Apple Differentiate the iPod touch?- posted on Wednesday September 3, 2008 4:33 PM CDT
Schematics for New iPod nano, iPod touch Leaked for Your Scrutiny- posted on Wednesday September 3, 2008 3:22 PM CDT
Belkin Not Making JoyPod for iPhone After All- posted on Wednesday September 3, 2008 3:14 PM CDT
Apple Touch Diamond (or HTC iPhone 3G) For Realz- posted on Wednesday September 3, 2008 1:33 PM CDT
|
|
|
|
XML Feed