S.Korea Kia turns to Q1 profit on won, local sales

Published: 23 Apr 2009 18:11:41 PST

SEOUL, April 24 - Kia Motors Corp <000270.KS>, South Korea's No.2 automaker, said on Friday it swung to a quarterly profit as a weaker won <KRW=> boosted earnings from overseas markets and new models fueled local sales.

Kia, which is part of world No. 5 automaker Hyundai Motor Group along with affiliate Hyundai Motor Co <005380.KS>, reported a net profit of 97.4 billion won ($72 million) in the first quarter, soundly beating a 38.8 billion won forecast by 11 analysts in a Reuters poll.

That compared with a 24.8 billion won loss a year earlier and a 74.8 billion won profit in the last quarter of 2008.

The maker of the Morning minicar posted a 88.9 billion won operating profit during the first quarter ended on March 31, above a forecast for 69.9 billion won profit in the poll.

Shares in Kia jumped 30 percent in January-March, beating the wider market's <.KS11> 13 percent gain. ($1=1351.1 Won)