Nexen's Q1 Earnings Jump 43% - Tire Review Magazine

Nexen Tire Corp.’s first quarter earnings jumped 43% from a year earlier on the back of increased prices.

Net profit reached 25 billion won (US$22.4 million) in the January-March period, compared with a profit of 17 billion won a year earlier, the company said in a regulatory filing.

Sales increased 8.6% to 249 billion won over the cited period, while operating income fell 5.1% to 32.4 billion won, it said.

Last month, Nexen Tire raised tire prices for domestic retail customers by 7% after increasing prices for U.S. and European buyers by as much as 8% since January.

The price increase helped it partly offset increased costs of raw materials.

Analysts said Nexen, currently South Korea’s third-largest tiremaker, may expand its local market share as bigger rival Kumho Tire Co. was put under a debt restructuring program by creditors amid a shortage of cash in January.

GRI recently conducted programs in Sri Lanka to empower women and motivate children under its Green x Circle initiative. The company said these endeavors aimed to address the needs of the community, focusing on both women empowerment and youth motivation.

GRI recently organized a training program titled "Management of household finance under current economic conditions" at the Ingiriya Rubber Collecting Center in Sri Lanka, South Asia led by Shashika Nimali, an NLP practitioner and life coach. The company said this initiative provided women in the industry with essential skills and knowledge to effectively manage household finances. GRI's tailored training sessions equipped participants with tools for informed decision-making, ultimately fostering greater financial security and independence, the company said.