Nexen Tire Reports Operating Profit of 4.4 Billion KRW Last Year, Down 88.9% Year-on-Year
[Asia Economy Reporter Minji Lee] Nexen Tire announced on the 18th that its operating profit last year was 4,391.88 million KRW, a decrease of 88.9% compared to the previous year. Sales increased by 22.5% to 2,079.4 billion KRW, and net profit turned positive at 4.6 billion KRW.
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The company stated, "Sales increased compared to the previous fiscal year due to the normal operation of the European factory and improved market conditions, but operating profit declined due to rising costs from soaring maritime freight rates and raw material price increases." They added, "Net profit turned positive due to the impact of foreign exchange gains and losses."
This content was produced with the assistance of AI translation services.
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