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Kia Q4 Net Profit Down 54% as Russia Market Stagnates

* Q4 net profit 436 bln won vs 794 bln won consensus

* Weak rouble erodes Russia earnings

* Expects Russia sales volume to fall 12 pct this year

SEOUL, Jan 23 (Reuters) - South Korea's Kia Motors Corp posted a 54 percent fall in quarterly net profit on Thursday, missing analyst estimates, as a plunge in the rouble pulled down income earned in Russia where Hyundai-Kia rank second.

Kia, a sister company of Hyundai Motor Co, also said it expects sales volume in Russia to fall 12 percent this year, as the rouble's decline could force further price rises, denting demand.

For the fourth-quarter, Kia posted net profit of 436 billion won ($402.10 million), versus the 949 billion won of a year earlier and 794 billion won average estimate of 20 analysts polled by Reuters.

A day earlier, Hyundai reported a 19 percent slump in net profit, blaming the rouble as well as higher U.S. incentives, aimed at combating Japanese rivals made more competitive by a weak yen.

Kia shares a factory with Hyundai in Russia, and produces locally about 45 percent of vehicles it sells in the country. It imports the remainder from Korea and Slovakia, a company official previously told Reuters.

But those imports include higher-priced, higher-value vehicles such as the K5, Sportage and Sorento, the official said. A falling rouble increases the cost and therefore price of such imports, threatening sales.

Kia has already had to raise its prices on some models in Russia, and has been diverting some imports to other markets.

Shares of Kia Motors extended losses after the earnings announcement, down 2.0 percent in a wider market that was up 0.6 percent as of 0512 GMT. Its stock fell 7 percent last year, lagging the market's 5 percent decline. ($1 = 1,084.3000 won) (Reporting by Hyunjoo Jin; Additional reporting by Kahyun Yang; Editing by Christopher Cushing)