Seoul, South Korea - Despite a slight decline in global sales volumes, Kia (000270. KS) achieved its highest-ever operating margin in the first quarter.
The South Korean carmaker improved its product mix, with revenue of KRW 26.21 trillion (US$19.1bn), up 10.6 percent year on year, and net profit rising 32.5 percent to KRW 2.8trillion.
Operating profit increased by 19.2% to a record KRW 3.43 trillion, equating to a 13.1% margin.
However, Kia sold 760,515 vehicles globally in the quarter, representing a 1% decrease.
This was due to increased sales of higher-priced models failing to fully offset reduced demand in specific emerging markets.
Sales of electrified models increased by 18.1%.
The company has stated that it will "maintain optimized inventory levels through flexible production" amid ongoing economic uncertainties and competitive pressures.
It aims to reach global sales of 3.2 million vehicles this year, an increase of 3.6 percent, focusing on expanding its electric vehicle range.
US$1=KRW1,372.50
