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Income and sales grow for Nexen in 2012

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Nexen Tire Corp. recorded net income of 133.4 billion won on net sales of 1.7 trillion won for its fiscal year ended Dec. 31, 2012. That compares to income of 87.8 million won on sales of more than 1.4 trillion won for fiscal 2011.

Based on the average exchange rate for 2012, Nexen posted net income of $118.5 million on net sales of $1.5 billion last year. Its income-to-sales ratio was 7.8%.

The company's net income rose nearly 52% year to year, while its net sales were up 18.8%. Operating income increased 47.4%, from 120 billion won to 176.9 billion won.

Nexen posted net sales of 410.7 billion won for its fourth quarter. That compared to sales of 401.2 billion won for 4Q 2011, a 2.3% increase. Ultra-high performance tire sales, which represented 34.3% of total quarterly sales, were up close to 15.5%.

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