Kumho Tire Reports Operating Profit of 37.3 Billion KRW Last Year... Returns to Profitability After 3 Years

[Asia Economy Reporter Kim Bong-gi] Kumho Tire announced on the 17th that its operating profit on a consolidated basis turned positive to 37.3 billion KRW last year.

Sales decreased by 7.4% to 2.3692 trillion KRW, and the net loss for the period was 49.1 billion KRW, reducing the loss compared to the previous year (182.7 billion KRW). This is the first time in three years since 2016 that Kumho Tire recorded a positive operating profit.

Kumho Tire explained that "operating profit increased due to a decrease in cost of sales and selling and administrative expenses."

Kumho Tire had accumulated losses on a quarterly basis since the 4th quarter of 2016 due to the sale issue, but after attracting investment from China's Double Star in 2018, it began to generate operating profit in the 2nd quarter of last year and continued to record profits for three consecutive quarters.