Seoul: Kumho Tire Co. on Thursday reported its fourth-quarter net income of 87.9 billion won (US$60.8 million), marking a 2.6 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter was 153.2 billion won, down from 172.1 billion won a year earlier. Despite the decline in net income and operating profit, Kumho Tire experienced a 17.5 percent increase in sales, reaching 1.24 trillion won for the quarter.

The reported earnings surpassed market expectations, as analysts had estimated a net profit of 76.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.