Nexen’s fiscal 2017 operating income drops 25%

Seoul – Nexen Tire Corp. suffered a 25.2% drop in operating income last year, while sales grew 3.7% to $1.74 billion.

Operating income fell to $164.3 million, dropping the operating ratio nearly four points to 9.4%.

Net income dropped 27.2% to $113.5 million.

Nexen did not provide commentary on its results, but the data released show a decrease in sales in the fourth quarter, including a double-digit decline in North America, which Nexen attributed to weak consumer purchasing power and the strong Korean won to US dollar exchange…

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