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Last Updated: Friday, 4 May 2007, 09:30 GMT 10:30 UK
Further Kia losses on higher won
Kia Sorento vehicles
Production of Kia's Sorento has been hit
South Korean carmaker Kia has reported a third straight quarterly loss, hit by the high value of the won currency and a production line shutdown.

Kia posted a loss of 30.6bn won (16m; $33m) in the first three months of 2007, compared with a 38.4bn won profit in the same period a year earlier.

South Korea's second-largest carmaker said rising overseas marketing expenses had also added to its problems.

The stronger won has meant Kia's vehicles are more expensive abroad.

The firm, which is 39% owned by Hyundai - South Korea's biggest carmaker - said the two-month shutdown of a key factory production line resulted in it producing 22,000 fewer of its popular Sorento sports utility vehicles.

Earlier in the week, Hyundai reported steep profit losses on the back of weaker sales and industrial action by workers.




SEE ALSO
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29 Jul 05 |  Business

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