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Kia Motors reports sharp decline in first-half profits YOY

Kia Motors Corp. reported a 33.9% year-over-year decline in net income for the first half of 2018 to 764 billion won, from 1.155 trillion won in the prior-year half.

Sales for the first six months of the year were 26.622 trillion won, edging up 0.8% from 26.422 trillion won a year ago.

Gross profit for the half came in at 4.046 trillion won, down from 4.826 trillion won. Operating profit for the period was 658 billion won, from 787 billion won.

During the half, Kia posted wholesale sales of about 1.4 million vehicles globally, up 4.4% from approximately 1.3 million units in the same period last year.

Among key markets, Kia recorded a drop in wholesale sales only in the U.S., where sales fell 5.5% year over year to about 287,000 vehicles from about 304,000 units.

Global retail sales came in at about 1.4 million vehicles, up 2.8% from the year-ago period.

As of July 26, US$1 was equivalent to 1,122.45 South Korean won.