Kumho posts net profit for second quarter, net loss for first half
Kumho Tire Co. posted net profit of 3.3 billion won on sales of 614.4 billion won for the second quarter ended June 30, 2008. That compares to income of 11.3 billion won on sales of 517.3 billion won for the second quarter of fiscal 2007.
Based on the exchange rate on June 30, Kumho recorded net profit of $3.2 million on sales of $587 million for its most recent second quarter. Its profit-to-sales ratio was 0.5%.
Kumho's 2Q operating income was 52.9 billion won, up 49.2% over the same period in 2007.
For its first half of fiscal 2008, Kumho was up in sales (17.3%) and operating income (41.8%). It suffered a net loss of 28.2 billion yen for the first half (the result of a net loss of 31.5 billion in the first quarter); that compares to a net loss of 3 billion yen in 1H 2007.
According to the Asia Pulse, Kumho was hit hard by "surging prices of rubber and other raw materials."