Kia Motors posts 51% income plunge January 25, 2013 - 11:41 AMT PanARMENIAN.Net - Kia Motors Corp. says its fourth-quarter operating profit was halved as the won's rise erased overseas earnings and production was disrupted by a strike, AP reported. South Korea's second-largest car maker said Friday its October-December operating income plunged 51 percent from a year earlier to 404.3 billion won ($376.4 million). Revenue rose 3 percent to 11.3 trillion won. Net profit, which included accounting gains from stakes in affiliate companies, fell 7 percent to 737.5 billion won. Kia Motors blamed the lower profit on the strong won and a strike in the third quarter that interrupted vehicle production. The company gave a dim outlook for 2013 citing weak demand at home and the local currency's continued rise against the U.S. dollar and Japanese yen.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news The Power of One Dram to benefit Road of Life charity  The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |
