Kia shares edge up in choppy trade after booking extra $1.1 billion provision

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Updated: Oct 19, 2022, 00:35 GMT+00:00

SEOUL (Reuters) - Shares of South Korea's Kia Corp fell more than 1% on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) as it continues to suffer the effects of engine recalls from years ago.

SEOUL (Reuters) -Shares of South Korea’s Kia Corp reversed losses and edged up on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) for engine recalls from years ago.

Kia’s shares fell shortly after the market open.

Hyundai Motor and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results.

Shares of Hyundai Motor were trading up 0.9%, versus benchmark KOSPI’s 0.2% rise as of 0025 GMT.

($1 = 1,424.6400 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Kim Coghill & Shri Navaratnam)

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