Kumho Says 2006 Profits Plunged - Tire Review Magazine

Kumho Says 2006 Profits Plunged

(Akron/Tire Review) Kumho Tire Co. announced that its 2006 net profit fell by almost half compared to the year prior, primarily because of a stronger Korean won and higher raw material costs.

Kumho said it earned 1.09 billion won ($1.16 million) in net profit in 2006 vs. a 2005 profit of 98 billion. The company said its operating profit also dropped 52.5% from a year prior, while sales increased 2.7%.

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