Kumho returns to healthy profit in 2010

ERJ staff report (DS)

Seoul, Korea -- Kumho Tires has returned to profit for the 12 months to december 2010 - and how!

The company posted sales of KRW 2,701,990 million (Euro 1705 million) for the year, almost 50 percent ahead of the KRW 1,894,700 million posted a year ago. Operating income amounted to KRW 245 billion, to give an operating margin og just over 9 percent. last year the company reported an operatin gloss of KRW 214 billion.

Overall,t he company posted a net profit of KRW 8.9 billion, compared with a net loss of KRW 776 billion a year ago.

Sales have been growing through the year, as judged by the quarterly results, but a large non-operating expense pushed Kumho into a pre-tax loss for the final quarter of 2010.

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Financial data from Kumho Tire