Kumho Tire Q3 Operating Profit 2.3 Billion KRW... Up 8.6% YoY

Sales of 977.6 billion KRW

[Asia Economy Reporter Kiho Sung] Kumho Tire announced on the 14th that its global consolidated operating results for the third quarter of this year recorded sales of 977.6 billion KRW and an operating profit of 2.3 billion KRW. This represents a 50.7% increase in sales and an 8.6 percentage point increase in operating profit compared to the same period last year.

Despite uncertain market conditions such as rising raw material costs, increased logistics expenses, and a global economic downturn, Kumho Tire's sales and operating profit increased due to price hikes in major global markets and an expanded proportion of high-margin products. In particular, sales increased through stable sales of both original equipment (OE) tires, driven by increased vehicle production in key global regions such as North America and Europe, and replacement (RE) tires.

Additionally, operating profit rose by 8.6 percentage points year-on-year to 2.3 billion KRW, maintaining a positive earnings trend for three consecutive quarters. Despite multiple cost increases including raw materials and logistics, profitability improved through price increases and cost reduction activities.

This year, Kumho Tire plans to focus on securing profitability through increased sales and operating profit, expanding the share of large-diameter tire sales, and internal cost reductions, despite uncertainties in the global tire market such as domestic and Fed interest rate hikes and a global economic downturn.

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