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Jan. 27, 2021, 1:10 a.m. EST

Kia Motors' net profit nearly triples

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By Kwanwoo Jun

Kia Motors Corp.'s fourth-quarter net profit nearly tripled compared with the same period a year earlier thanks to solid shipment growth backed by new model launches.

Net profit for the quarter ended Dec. 31 was 976.75 billion Korean won ($886.3 million) compared with net profit of KRW346.00 billion in the same quarter a year earlier, the South Korean car maker said Wednesday. The result was below a FactSet consensus forecast for net profit of KRW982.13 billion.

Fourth-quarter revenue rose 5.0% on year to KRW16.911 trillion, while operating doubled to KRW1.282 billion.

For 2020, revenue increased 1.8% to KRW59.168 trillion while net profit fell 18% to KRW1.503 trillion.

Kia Motors said its fourth-quarter global car sales rose 2.7% but dropped 7.2% in 2020.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

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