Kia Q1 net profit down 23.5% to $1.2 bil.

Kia Corp. on Friday reported a first-quarter net profit of 1.83 trillion won ($1.2 billion), down 23.5 percent from a year earlier. The carmaker said in a regulatory filing that operating income for the January-March period dropped 26.7 percent on-year to 2.2 trillion won. Sales, on the other hand, increased 5.3 percent to 29.5 trillion won. The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 1.91 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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