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Kia Motors swings to loss in Q3

Kia Motors Corp. said its third-quarter normalized net income came to a loss of 697.70 South Korean won per share, compared with the S&P Capital IQ consensus estimate of a loss of 1,106.27 won per share.

The per-share result swung to a loss from the prior-year profit of 1,382.19 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 279.62 billion won, compared with income of 554.18 billion won in the prior-year period.

The normalized profit margin declined to negative 2.0% from 4.4% in the year-earlier period.

Total revenue grew 11.1% on an annual basis to 14.108 trillion won from 12.699 trillion won, and total operating expenses grew 19.4% year over year to 14.535 trillion won from 12.174 trillion won.

Reported net income totaled a loss of 291.77 billion won, or a loss of 728.00 won per share, compared with income of 664.37 billion won, or 1,657.00 won per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 1,114.97 South Korean won.