Kumho Tyre’s Q2 profit dips 26.4% on weak sales
South Korea’s Kumho Tyre said that its Q2 profit declined 26.4% from a year earlier on lower demand in major markets.
Net profit reached 195 billion won ($173 million) on a consolidated basis during the April-June period, compared with a profit of 310 billion won a year earlier, the company’s regulatory filing said. Operating income also sank 34.4% year over year to 204 billion won, with sales falling 3.5% to 1.67 trillion won.
Lower demand from the US and Europe hurt overall sales. Additionally, sharp declines in tyre sales in China drove down numbers, Korean news reports said. South Korean companies with operations in China have suffered declining sales due to local campaigns against Korean products, according to news sources.