Kumho nets comparatively lower 2Q profit
Kumho Tire Co. Ltd. posted net income of 50.8 billion won on net sales of 1 trillion won for the second quarter ended June 30, 2013. That compares to income of 74.7 billion won on sales of more than 1.1 trillion won for the same period in 2012.
Based on the exchange rate on June 30, 2013, Kumho recorded net income of $44.5 million on net sales of $876.3 million for 2Q 2013. Its income-to-sales ratio was 5%.
Kumho's operating profit decreased 18%, from 126.6 million won to 103.9 million won.
Here is the company's sales breakdown, in won, by region in 2Q 2013 (with the percentage of the total sales they represent in parentheses):
Korea: 268 million (26.8%).
United States: 192 million (19.2%).
Europe: 153 million (15.3%).
China: 133 million (13.3%)
Others: 254 million (25.4%).
Total: 1 trillion.
Kumho's sales in the U.S. were down 13.5%, from 222 million won in 2Q 2012 to 192 million won in 2Q 2013. Only in Korea were sales up quarter to quarter.
Ultra-high performance tire sales were down nearly 13.9%. UHP sales represent 21.1% of Kumho's global sales.
For information on Kumho's first-quarter 2013 results, check out "Kumho jumps from net loss to net gain."