Kumho Tire’s net losses deepen

Kumho Tire Co., has reported net losses of 88.56 billion won (US$81 million) for 2017, up significantly from 37.9 billion won a year earlier, according to the Yonhap news agency’s translation of a regulatory filing on the matter.

Kumho Tire shifted to an operating loss of 156.9 billion won last year from an operating profit of 120.05 billion won in 2016. Sales fell 2.4 per cent to 2.88 trillion won from 2.95 trillion won during the same period

Higher raw material prices and the Korean won’s strength against the dollar drove down operating profit, the company said.