(MENAFN) Kia Motors Corp., South Korea's second-largest automaker, said its first quarter net profit rose slightly from a year earlier despite falls in sales revenue, The Peninsula Qatar reported.
The automaker's net income amounted to USD835.9 million during the January-March period, increasing 3.1 percent from a year earlier, the company said in a regulatory filing.
However, operating profit plunged 30.5 percent on-year to USD474.66 million, while sales revenue declined 6.3 percent at USD10.37 billion, the South Korean auto manufacturer said.
"Currency losses from falls in the euro and the ruble ate into profitability. But we managed to fend off further fallout from difficult global market conditions by rolling out more high-margin models", Kia said.
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