Kumho Tyre reported net income of KRW130.6bn (US$116.87m) on net sales of over KRW4tn for its fiscal year 2012 ended 31 December 2012, compared with a net loss of KRW26.8bn on sales of KRW3.9tn in the previous year. The company’s operating income surged 93.8% to KRW375.3bn, from KRW193.6bn earlier.
Kumho told Modern Tyre Dealer, “In 2013, economic uncertainties from the previous year are expected to continue as a result of the economic crisis which started in Europe; lingering uncertainties about America’s solution to deal with this problem; increasing volatility both politically and economically in Korea and overseas; and slow recovery efforts that centre around newly developing economies.”
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“Although it is still a challenging business environment, 2013 will be a very important year for Kumho Tyres, as it tries to complete the conditions of its workout programme earlier than originally planned. Kumho Tyres is swiftly responding to the changing business environment through continuous innovation activities and organisational improvement. By stabilising labour-management relations, executives and employees alike are cooperating for one single goal: to normalise management.”
Kumho said it would keep investing in improvement of quality and keep customer feedback in mind.
“Kumho Tyres will not relent making positive changes amid rapid growth, ensuring it becomes a highly respected and sustainable company in the near future.”
Tyre sales accounted for 82% of total sales of the company.
