Seoul – Kumho Tire Co. Inc. suffered an 81.2% drop in pre-tax operating profit for fiscal 2017, on 2% lower sales.
Kumho’s earnings (EBITDA) fell to $57.4 million on sales of $2.55 billion, according to the company’s fourth quarter investor relations documents.
As a result, the operating ratio fell more than nine points to 2.3%. The operating result turned red to the tune of $139 million. Kumho did not report net earnings.
Kumho cited unfavourable foreign exchange rates, a slowdown in original equipment volume in the U.S. and…