Net profit for the January-March period stood at 2.8 trillion won ($2 million) on a consolidated basis, compared with a profit of 2.1 trillion won a year earlier, the company said in a regulatory filing.
Its overseas sales increased due to strong demand in key regions such as North America and Europe.
However, "sales in some emerging markets, such as India and the Middle East, declined compared to the previous year due to factors such as older models and geopolitical factors".
Kia said it expects to face a challenging business environment due to a number of factors, such as persistent geopolitical risks, sluggish economic growth, declining consumer confidence due to high interest rates and inflation.
"Earnings beat market expectations. Analysts' average estimate of net profit was 2.24 trillion won," according to a survey by financial data firm Yonhap Infomax of the Yonhap news agency.
Despite a slight decline in the number of vehicles sold, the company managed to improve its year-on-year performance. Kia sold 137,871 units in South Korea while shipping 622,644 overseas.
The combined 765,515 units sold during the period represent a 1 percent decline from last year.
Kia attributed its improved performance to an increase in average selling price from its expanded portfolio of eco-friendly vehicles such as hybrids, SUVs and minivans.
Kia said it sold 93,000 hybrid units and 44,000 electric vehicles, up 30.7 percent and 7.9 percent, respectively, from last year.
The company plans to use new models and high-profit models, such as the Carnival Hybrid and K4, to maintain profitability in the US market.
In Europe, Kia plans to expand its EV lineup to strengthen its brand image as a leader in the competitive EV sector.
Its overseas sales increased due to strong demand in key regions such as North America and Europe.
However, "sales in some emerging markets, such as India and the Middle East, declined compared to the previous year due to factors such as older models and geopolitical factors".
Kia said it expects to face a challenging business environment due to a number of factors, such as persistent geopolitical risks, sluggish economic growth, declining consumer confidence due to high interest rates and inflation.
"Earnings beat market expectations. Analysts' average estimate of net profit was 2.24 trillion won," according to a survey by financial data firm Yonhap Infomax of the Yonhap news agency.
Despite a slight decline in the number of vehicles sold, the company managed to improve its year-on-year performance. Kia sold 137,871 units in South Korea while shipping 622,644 overseas.
The combined 765,515 units sold during the period represent a 1 percent decline from last year.
Kia attributed its improved performance to an increase in average selling price from its expanded portfolio of eco-friendly vehicles such as hybrids, SUVs and minivans.
Kia said it sold 93,000 hybrid units and 44,000 electric vehicles, up 30.7 percent and 7.9 percent, respectively, from last year.
The company plans to use new models and high-profit models, such as the Carnival Hybrid and K4, to maintain profitability in the US market.
In Europe, Kia plans to expand its EV lineup to strengthen its brand image as a leader in the competitive EV sector.
