(MENAFN) South Korea's Kia Motors said its net profit dropped by more than half in the fourth-quarter period due to a strong won and higher sale costs, Arab News reported.
The automaker's net profit for the October-December period decreased by 54 percent compared to the same period a year earlier, reaching USD355 million in the period.
Meanwhile, operating profit also dipped 23 percent in the quarter, hitting USD463.85 million, while sales edged down 0.5 percent over a year ago to reach USD10.84 billion.
"The business environment is expected to remain unfavorable this year," the company said, citing China's economic slowdown, geopolitical risks in emerging markets and fierce competition.
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