Kumho Tire profits drop 26% in Q2 2017

Decreased demand from major markets has caused led to lower net profit at Kumho Tire in the second quarter of the year. Yonhap News reports that in the three months to 30 June, the South Korean tyre maker achieved consolidated net profits of Krw 195 billion (£132.5 million), 26.4 per cent less than a year earlier. Operating profit fell 34.4 per cent year-on-year to Krw 204 billion (£138.6 million).

Sales for the quarter amounted to Krw 1.67 trillion (£1.1 billion), 3.5 per cent less than in the April to June quarter of 2016.

Yonhap reports that overall sales were affected by decreased demand from Europe and the USA, however a sharp decline in tyre sales in China also contributed to the weaker result.