Kumho back in the black

The loss-making years are finally behind Kumho Tire. The Korean company has reported a net profit of KRW 123.67 billion (£71.9 million) for full-year 2012 – the best result since 2006 and a marked contrast from 2009, when the company posted a KRW 794.50 billion loss. Kumho Tire entered into a debt work out programme on 30 December 2009 as a result of financial difficulties faced by parent company Kumho Asiana.

Total 2012 revenues were up 4.0 per cent year-on-year to KRW 4.07 trillion (£2.4 billion), while operating income almost doubled to KRW 375.38 billion (£218.3 million); the return on sales was 9.2 per cent.