SEOUL, Aug 16 (Reuters) - South Korea's second-largest auto maker, Kia Motors Corp , said on Saturday it had lost output worth $250 million since strikes started eight days ago to back demands for more pay and a shorter working week.
"The work stoppage continues and the union says future plans will be decided after scheduled negotiations with management on Monday," said Lee Ha-won, a Kia spokesman.
Union members could not be reached for comment.
The news comes just days after the company reported a rise in net profit of just 3.4 percent in the second quarter as hefty provisions for warranties offset rising exports of pricier cars.
Kia management is in talks with the 23,500-strong union on ways to end the strikes which back claims for an 11.1 percent pay rise and a cut in the working week to five days from six.
A prolonged strike may lead to order cancellations and hurt earnings. "The strike could affect export orders soon," said Lee. "We'll try to reach a compromise on Monday."
So far, the company, which produces about a million cars annually, has suffered lost production of about 20,000 cars worth 300 billion won due to the strikes.
Kia shares edged up just 0.7 percent in the past week, underperforming the main index which rose 2.4 percent.
Kia is an affiliate of Hyundai Motor Co , the country's largest auto maker, whose union earlier this month won an 8.6 percent wage rise, bonuses and incentive payments.
($1=1178.0 Won)