Kia Motors : Third-Quarter Net Profit Slumped 59%

By Kwanwoo Jun

Kia Motors Corp.'s third-quarter net profit plunged 59% from a year earlier, largely due to additional expenses for recalls over engine defects.

Net profit slid to 133.68 billion Korean won ($118.5 million) from KRW325.80 billion, the South Korean car maker said Monday. That missed a FactSet consensus forecast for net profit of KRW507.89 billion.

Kia set aside KRW1.260 trillion as additional provisions in the quarter to cover extra costs for its recalls.

Revenue rose 8.2% to KRW16.322 trillion, while operating profit dropped 33% to KRW195.23 billion.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

10-26-20 0410ET