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Kia Motors profit misses consensus by 34.7% in Q1

Kia Motors Corp. said its first-quarter normalized net income amounted to 1,003.23 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,536.52 won per share.

EPS decreased 29.8% year over year from 1,428.67 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 442.05 billion won, a decrease of 22.9% from 573.58 billion won in the year-earlier period.

The normalized profit margin declined to 3.5% from 5.1% in the year-earlier period.

Total revenue increased 13.2% on an annual basis to 12.649 trillion won from 11.178 trillion won, and total operating expenses increased 12.7% from the prior-year period to 12.016 trillion won from 10.666 trillion won.

Reported net income increased year over year to 944.58 billion won, or 2,143.74 won per share, from 903.22 billion won, or 2,249.73 won per share.

As of May 16, US$1 was equivalent to 1,177.43 South Korean won.