Suppliers

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

Comments ( 1 )
  • Chris Chai

     | about 2 months ago

    Wow

More Stories
News

Denso Sponsors Motorcycle Racer Angie Smith

Denso Products and Services Americas Inc. is partnering with Pro Stock Motorcycle racer Angie Smith as her lead sponsor for four contests during the 2017 NHRA Mello Yello Drag Racing Series.  

News

Price Hike Boosts Michelin's 1Q Sales

Net sales for Michelin Groupe were up 9.9% in the first quarter of 2017, led by early buying of tires ahead of the company’s price increase which went into effect April 1.

News

Find Out How Well Titan Did in 1Q on May 4

How did Titan International Inc. perform in the first quarter? Find out when the company releases its 1Q 2017 financial results on Thursday, May 4. A teleconference and webcast discussing the results will be held at 9 a.m. Eastern Time the same day.

News

Vipal Meets Customers in New Orleans

Vipal Rubber Corp. is displaying its recently-released, Alpine-symbol-certified VT220 tread at the North American Tire & Retread Expo in New Orleans.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!