Kumho Tire Reports Operating Loss of 35.4 Billion KRW in Q2, Turning to Deficit
[Asia Economy Reporter Kiho Sung] Kumho Tire announced that it recorded an operating loss of 35.4 billion KRW in the second quarter of this year, turning to a deficit.
On the 14th, Kumho Tire disclosed that its sales for the second quarter of this year amounted to 467.6 billion KRW, with a net loss of 51.7 billion KRW. Sales decreased by 24.2% compared to the same period last year. The net loss also significantly increased compared to 5.978 billion KRW last year.
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This poor performance of Kumho Tire appears to be caused by the global impact of the novel coronavirus infection (COVID-19), leading to an economic recession and a sharp decline in demand due to weakened consumer sentiment.
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