Strikes cut deeply into the fourth quarter profits of South Korea's second largest automaker, Kia Motors, it said Thursday.
Net profit came to 320 billion won (US $276.3 million) in the October-December period, down 25.7 percent from the same period a year earlier, the company said in a regulatory filing. Kia earlier said labour strikes had caused the loss of more than 100,000 cars to missed production. Sales gained one percent on-year to 12.91 trillion won.
For the whole year, the company's net profit came to 2.75 trillion won, up 4.7 percent from 2015. Full-year sales by value rose 6.4 percent on-year to 52.71 trillion won, although the number of vehicles sold slipped one percent. Operating profits were up 4.6 percent to 2.46 trillion won.
Comments
Comments are closed for this article.