SEOUL, South Korea (June 17)—Kumho Tire Co. Inc. reported slightly higher operating income in the first quarter on 12-percent higher sales, fueled largely by increased domestic original equipment sales.
Overall sales—not counting results from its Nanjing Kumho Tire unit in China—grew to $417.5 million, as domestic OE sales climbed 20 percent, vs. 7.9 percent for domestic replacement and 4.1 percent for export. The firm´s tire sales break down 37/63 domestic/export.
Pre-tax operating income grew 4.2 percent to $72.2 million while net income fell 41.4 percent to $16.6 million.
Of the company´s $247 million in export tire sales, 40.5 percent—or $100 million—were recorded in North America.