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Kumho Earnings See Massive Jump in Q2

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Kumho Tire Co.’s second quarter earnings jumped 160.4% from the tiremaker’s Q1 results, to 53.9 billion won (US$45.5 million) from 20.7 billion won. Kumho posted a net loss of 113.2 billion won in the second quarter of 2009.

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Sales rose 34.1% year-on-year to 628 billion won in Q2. Revenue increased 7.1% in the April-June period from the first quarter, the company said. Operating profit more than tripled from the first quarter to 66.9 billion won, also a major turnaround from its 44.9 billion won loss a year earlier, the company stated.

Kumho Tire has been undergoing a creditor-led restructuring program since its parent company, Kumho Asiana Group, lost billions of dollars following its acquisition of Daewoo Engineering & Construction Co.

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