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Kumho Suffers Fiscal Loss Followed by a 2-Day Strike

Posted on February 14, 2017

Kumho Tire Co. Ltd. posted a net loss of 58.4 billion won on net sales of more than 2.9 trillion won for its fiscal year ended Dec. 31, 2016. That compares to a net loss of 69.3 billion won on sales of 3 trillion won for fiscal 2015.

Based on the average exchange rates for 2016 and 2015, Kumho lost $482.6 million on sales of $2.4 billion in 2016, compared to a loss of nearly $5.9 million on sales of more than $2.5 billion in 2015.

Year-to-year operating income was down 11.7%, from 135.9 billion won ($115.3 million) to 120 billion won ($99.1 million).

Kumho recorded a net loss of 5.1 billion won on net sales of 791 billion won for the fourth quarter ended Dec. 31, 2016.

In news that may impact fiscal 2017, Kumho Tire announced tire production at its Kwangju, Korea, consumer tire facility was halted for two days.

The company said a partial union strike, due to a breakdown in collective bargaining, resulted in a shutdown in production from Feb. 12 to 13, 2017. The plant was expected to be up and running again on Feb. 14.

Related Topics: Kumho financials, strike, unions

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