By Kwanwoo Jun
Kia Motors Corp.'s third-quarter net profit plunged 59% from a year earlier, largely due to additional expenses for recalls over engine defects.
Net profit slid to 133.68 billion Korean won ($118.5 million) from KRW325.80 billion, the South Korean car maker said Monday. That missed a FactSet consensus forecast for net profit of KRW507.89 billion.
Kia set aside KRW1.260 trillion as additional provisions in the quarter to cover extra costs for its recalls.
Revenue rose 8.2% to KRW16.322 trillion, while operating profit dropped 33% to KRW195.23 billion.
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(END) Dow Jones Newswires