Kia reports record third-quarter profits of $593 million

Kia Motors Co. announced record quarterly profits in the third quarter as sales of new models increased in its home market of Korea and in China and United States. Net income for Kia was up 66 percent to 666.6 billion won ($593 million USD) in the three months that closed Sept. 30 – that’s up from 402 billion won during the same period last year. Sales climbed 26 percent to 5.69 trillion won.

Kia’s global deliveries were up 24 percent lead my new models including the K5 (new Optima) and the 2011 Kia Sorento SUV at home and overseas markets.

The Korean automaker sold 78,950 Sorentos in the United States, an increase of 327 percent over the same period a year ago.

In it’s biggest market, South Korea, Kia sales were up 25 percent even as delivers for Hyundai, which owns 34 percent of the brand, were down 12 percent.

– By: Omar Rana

Source: Bloomberg