Kumho operating income, sales down in third quarter

Seoul – Kumho Tire Co. Inc. suffered a 69.3% drop in pre-tax operating profit for the quarter ended 30 Sept on 16% lower sales.

Kumho’s earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $15.5 million (€13.6 million) on sales of $566.6 billion, according to the company’s third quarter investor relations documents, dropping the operating ratio five points to 2.7%.

The operating and ordinary results were both losses—$33.9 million and $60 million.

Kumho cited higher raw materials costs for the reduced operating profit and blamed the lower…

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