Kia Motors Q1 net profit up 3.1%

Kia Motors Corp., South Korea's second-largest automaker, said Friday its first quarter net profit rose slightly from a year earlier despite falls in sales revenue.

Net income came to 903.2 billion won (US$835.9 million) during the January-March period, up 3.1 percent from a year earlier, the company said in a regulatory filing.

But operating profit plunged 30.5 percent on-year to 511.6 billion won, while sales revenue was down 6.3 percent at 11.18 trillion won.

"Currency losses from falls in the euro and the ruble ate into profitability", the company said in a press statement.

"But we managed to fend off further fallout from difficult global market conditions by rolling out more high-margin models."  

An affiliate of South Korea's largest automaker Hyundai Motor Co., Kia said it sold 751,080 vehicles at home and abroad during the first quarter, down 2.7 percent from a year earlier.

Hyundai Motor on Thursday reported a 2.2 percent net profit drop to 1.98 trillion won in the January-March period.