Kumho Reports Increased Q3 Net Loss

South Korea’s second largest tyre manufacturer, Kumho Tire, said on October 21 that its third-quarter net loss had increased from the previous year, the result of rising raw material prices and a tyre surplus. The AsiaPulse news service reports that Kumho recorded a loss of KRW 30.8 billion (£13.6 million) in the three months ending September 30, compared with a net loss of KRW 10.7 in the corresponding quarter of 2007.

Third-quarter operating profit, however, rose 65.7 per cent to KRW 39.3 billion (£17.4 million), Kumho said in a statement. Sales increased 23.8 per cent to KRW 623.5 billion (£275.3 million).