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Kia Motors' Q2 net profit up 7.7 pct

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(Globalpost/GlobalPost)

SEOUL, July 26 (Yonhap) -- Kia Motors Corp., South Korea's second-largest automaker, said Friday its second-quarter net profit jumped 7.7 percent from a year earlier due to increased profits from its equity investments.

Net profit came to 1.18 trillion won (US$1 billion) in the April-June period, compared to 1.09 trillion won from a year earlier, the Seoul-based company said in a regulatory filing.

Sales increased 4.5 percent on-year to reach 13.1 trillion won, but operating profit dropped 8.5 percent to 1.1 billion won.

Kia said it sold 1.445 million units in domestic and overseas markets between January and June, up 3.6 percent from a year earlier.

The carmaker said it plans to roll out new models in the second half, noting tough business conditions could persist due to uncertainty in global markets.

Shares of Kia Motors were trading at 61,500 won on the Seoul bourse as of 11:04 a.m., up 1.15 percent from the previous session's close.

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