Kumho Tire reports its first operating profit since 2016
Published: 20 Feb. 2020, 19:40
The last time the company reported an annual operating profit was in 2016.
Sales at the tire manufacturer, which is 45 percent owned by China’s Qingdao Doublestar, fell 7.4 percent to 2.37 trillion won ($1.97 billion) last year from 2.56 trillion won in 2018. Its 78.9 billion won operating loss in 2018 swung to a 37.3 billion won operating profit last year.
Kumho Tire said its earnings improved as it cut costs in all areas and made improvements at factories, adding that its diversity of clients and flexible market management helped balance strikes at local automakers.
The company’s earnings have been steadily improving after being acquired by Qingdao Doublestar in 2018.
By Ko Jun-tae
with the Korea JoongAng Daily
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