Nexen posts a 30% increase in 2Q sales
Nexen Tire Corp. posted net sales of 433.3 billion won for its second quarter ended June 30, 2012. That compares to sales of 333.8 billion won for the same period last year.
The company's operating income was 51.8 billion won, up 90.4% versus 2Q 2011. The company did not release its net income for the quarter, or for its year-to-date results.
Based on the exchange rate on June 30, 2012, Nexen recorded quarterly net sales of $374.6 million, and operating income of $44.8 million.
Sales in North America represented 32.3% of global sales, or 140.7 billion won ($120.1 million). Compared to 2Q 2011, sales in North America -- Nexen's largest market -- were up 31.2%.
Ultra-high performance tire sales accounted for one-third of the company's sales globally, and 42.5% of sales in North America.
For the first six months of 2012, Nexen recorded net sales of nearly 840 billion won globally, and 263.2 billion won in North America.