(LEAD) Kia's Q3 net profit falls 9.6 pct on unfavorable foreign exchange movements

Kia Corporation reported a 9.6% drop in net profit for the third quarter due to unfavorable foreign exchange movements, despite strong operating profits. The net profit fell to 1.28 trillion won ($961.6 million) from 1.42 trillion won a year earlier. However, operating profit increased by 24.3% to 1.81 trillion won, partially due to favorable base effects after a reduction in U.S. auto tariffs.

Sales increased by 10.1% year-on-year to 31.59 trillion won, driven by a 7.9% rise in global wholesale vehicle sales to 847,355 units. Overseas sales accounted for 83.4% of the total, while domestic sales made up the remaining 16.6%. Kia's global market share reached 4% in the first nine months, up 0.4 percentage points from the previous year.

The company's electrified vehicle sales surged 47% year-on-year, accounting for 36.2% of total sales, supported by high global oil prices and regional demand variations. Kia plans to boost sales of higher-margin hybrid models in the U.S. and South Korea in the fourth quarter to enhance profitability.