SEOUL, Aug. 14 (Yonhap) -- Kumho Tire Co., South Korea's second-biggest tiremaker, said Wednesday its net losses narrowed in the second quarter from a year earlier on cost-cutting efforts.
For the three months ended in June, net losses narrowed to 2.2 billion won (US$1.8 million) from 78.3 billion won in the year-ago period, the company said in a statement.
"A decreased supply of tires to carmakers in major markets amid a global economic slowdown weighed on the quarterly results. A companywide cost-cutting drive helped narrow net losses," a company spokesman said.
Kumho Tire shifted to an operating profit of 23.99 billion won in the second quarter from an operating loss of 12.68 billion won a year ago. Sales fell 7.1 percent to 616.99 billion won from 664.72 billion won.
From January to June, net losses also narrowed to 35.5 billion won from 89.67 billion won in the year-ago period.
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