Kia — no, not Hyundai — reported this morning that net profit plummeted like 80% of a rock over last year's numbers. The second-largest Korean automaker earned 38.37 billion won (approximately $41 million) and saw sales rise 11% to 4.39 trillion won (approximately $4.7 billion). So why'd we decide to give you the numbers in won first? Well, it's because it appears the major reason Kia's showing these drops in profits — other than the whole issue with Hyundai's scandals — is because of how strong the won has been in comparison to the dollar recently. Once again, Kia's finding a way to win with won. Ha, we slay us.
Kia Motors' First-Quarter Profit Plummets [MSN Money]
The Smartest Guy-sans In The Room III: A Warrant Ain't Just A Cherry Pie [internal]