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Kia Reports 40% Increase in Second Quarter Earnings Due to Increase in High-End SUV Sales and Reduced Incentives

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car manufacturer kia said Friday that second-quarter net profit was up 40 percent from a year earlier, thanks to an improved product mix and a weak win.



Net profit for the three months ended June increased to 1.88 trillion won ($1.43 billion) from 1.34 trillion won in the same period last year, the company said in a statement.

The second quarter result was supported by higher sales of high-end SUV models, reduced incentives and the weakness of the won against the dollar. Yonhap news agency.

Such factors helped offset the automaker’s production losses due to a long-term shortage of chips and interruptions in parts supply, Kia said.

Operating profit also rose 50 percent to 2.23 trillion won in the second quarter, from 1.48 trillion won a year ago. Sales rose 19 percent to 21.87 trillion won from 18.34 trillion won.

From January to June, net profit rose 23 percent to 2.91 trillion won, from 2.38 trillion won a year earlier.

Operating profit rose 50 percent to 3.84 trillion won from 2.56 trillion won in the same period. Sales rose 15 percent to 40.23 trillion won from 34.92 trillion won.

Kia .’s parent company Hyundai Motor Group previously said net profit rose 56 percent in the second quarter from a year earlier due to an improved product mix and a weak win.

Net income for the three months ended June increased to 3.08 trillion won ($2.34 billion) from 1.98 trillion won in the same period last year.

In the period of six months Hyundai sold a total of 1.88 million vehicles, meeting 43 percent of its sales target of 4.34 million units for the year.

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