Nexen Tire Reports Operating Loss of 22.4 Billion KRW in Q2... Returns to Deficit
[Asia Economy Reporter Kiho Sung] Nexen Tire recorded an operating loss of 22.5 billion KRW and a short-term net loss of 13.8 billion KRW on a consolidated basis in the second quarter of this year. This marks a return to losses due to the COVID-19 pandemic.
On the 14th, Nexen Tire announced through a public disclosure that it posted these results for the second quarter. During the same period, sales amounted to 314.7 billion KRW, a decrease of 41.79% compared to the same period last year.
The sharp decline in sales is believed to be due to the inability to conduct normal sales activities in the US and European markets, which account for a large portion, during April and May. Nexen Tire's sales proportion in Europe and the US exceeds 60%.
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Additionally, repeated shutdowns of factories, including those in China and the Czech Republic, led to a steep drop in sales and profits.
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