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Kumho Tire's net loss narrows in Q4

All News 16:01 February 09, 2017

SEOUL, Feb. 9 (Yonhap) -- South Korea's No. 2 tiremaker Kumho Tire Co. said Thursday its net loss shrank greatly from a year earlier in the fourth quarter, helped by a slight increase in sales.

The net loss came to 5.3 billion won (US$4.63 million) in the October-December period, compared with a net loss of 34.5 billion won over the same period in 2015, the company said in a regulatory filing.

Kumho Tire's net loss narrows in Q4 - 1

Sales gained 0.9 percent on-year to 790.9 billion won in the three months ended Dec. 31. Operating profit jumped 28.1 percent to 54.7 billion won.

For the entire year, the net loss narrowed to about 60.3 billion won from a net loss of 67.5 billion won in the previous year.

Full-year sales slipped 3.1 percent on-year to about 2.95 trillion won, while operating profit plunged 11.7 percent to 120 billion won.

Kumho Tire shares closed at 7,830 won on the Seoul bourse, down 5.66 percent from the previous session's close. The fourth quarter earnings were released after the stock market closed.


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