Kia reports a 91 percent jump in first quarter profits

2011 Kia Optima
2011 Kia Optima

Kia announced today that its first-quarter profits rose to 953.2 billion won ($890 million USD) from 498.5 billion won a year earlier. South Korea’s No. 2 automaker is looking forward to another strong quarter after posting the 91 percent jump.

Sales for Kia increased 37 percent to 10.7 trillion won.

Parent Hyundai and affiliate Kia, which together rank fifth in global car sales, have hardly been affected by Japan’s quake and tsunami since they use little Japanese components.

Hyundai yesterday announced a 46 percent increase in quarterly profits.

– By: Omar Rana

Source: Reuters