Seoul: Kumho Tire Co. on Wednesday reported its second-quarter net income of 5.5 billion won (US$4 million), marking a 93.1 percent decrease from the same period last year. The company's latest financial results reflect a substantial decline in profitability.
According to Yonhap News Agency, Kumho Tire's regulatory filing revealed operating profits of 175.2 billion won for the quarter, an increase compared to 151.5 billion won from the previous year. The company's sales also saw a rise of 7.9 percent, reaching 1.22 trillion won.
Despite the increase in operating profits and sales, Kumho Tire's earnings did not meet market expectations. Analysts had projected the company's net profit to be around 90.5 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm affiliated with Yonhap News Agency.