Full-year profit marks change of fortunes for Kumho

Following several years in the red Kumho Tires has turned its fortunes around and reported a net profit for the 2010 financial year. The South Korean tyre maker recorded a net income of KRW 8,901 million (£5.01 million) during the year, a marked contrast from the loss of KRW 776,168 million a year earlier. Sales for 2010 amounted to KRW 2,701,990 million (£1.52 billion), a 42.6 per cent year-on-year increase. Operating income during the year was KRW 244,947 million (£137.9 million), as opposed to an operating loss of KRW 213,580 million in 2009.