Kumho Tire Reports Drop in Q1 profit

South Korea’s Kumho Tire Co. said today its net profit dropped 4.52 per cent in the first quarter from the previous year.

Between January and March, net profit amounted to 14.92 billion won (£9 million), compared to 15.63 billion won a year earlier, said the company.

Operating profit plunged 41.85 per cent to 25.39 billion won (£15.

3 million) from 43.66 billion won a year ago, and revenue inched down 0.1 per cent to 428.

52 billion won (£258.4 million) from 428.09 billion won, the tyre maker said.