Kumho Tire Operating Profit Up In Q4

Kumho Tire USA Inc. reported a 13% increase in operating profit in the fourth quarter of 2013 from a dip in raw material prices.

The company said operating profit reached $91.7 million, up from last year’s numbers.

Its sales edged up 0.2% to 87.5 billion South Korean won tallied for the year before. Its sales edged up 0.2% to 929.2 billion South Korean won from 927.2 billion South Korean won reported for the fourth quarter of 2012.

Net profit for the three-month period was unavailable.

For the whole of last year, however, the company’s bottom line stood at 117.3 billion South Korean won, down 10.1% from 130.6 billion South Korean won in 2012.

It operating profit was down 7.2% to 348.3 billion South Korean won from 375.3 billion South Korean won for the previous year, with sales numbers hitting 3.69 trillion South Korean won from 4.07 trillion South Korean won a year earlier.

The company attributed the general decline in profits and sales to stiffer competition across the board. The tiremaker did not give forecasts for 2014.