Due to stronger sales and equity gains from affiliated companies, Kia Motors was able to quadruple its net profit in the first quarter. In a regulatory filing, Kia disclosed that it earned 398.6 billion won ($358 million) in the three months ended March 31.
For the same period last year, Kia reported a net profit of 97.4 billion won. Kia, which makes the Forte small sedan and Sorento compact crossover SUV, said that sales for the quarter increased by 39% to 4.86 trillion won from 3.5 trillion won a year earlier. Kia and Hyundai Motor Co. form the world’s fifth-largest automotive group.
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