SEOUL, South Korea (Feb. 11, 2014) — Nexen Tire Corp. suffered slight dips in operating and net income last year on 4.3-percent higher sales.
For the year, operating income slipped 1.9 percent to $162 million while net earnings were off 7.7 percent to $113.7 million, Nexen reported. Sales rose to $1.58 billion.
The full-year figures were dragged down by drops in sales and earnings in the fourth quarter: operating income was off 19.7 percent and sales were down 7.5 percent.
Nexen’s Chinese and Korean operations both reported double-digit gains in operating profits, but the Korean business unit suffered a slight drop in sales while sales by the Chinese unit were up 14.5 percent.
The company did not provide commentary to go with the numbers, released on the investor relations section of the firm’s website.
However Nexen did disclose that the $300 million second-stage expansion of its Chang-Nyeong, South Korea, factory is under way, with production set to start this June. Once completed, annual capacity at the 2-year-old plant in southeast Korea will nearly double to 11 million units.
When is the last time you attended one of the national tire industry trade shows, such as SEMA, ITEC or the North American Tire & Retread Expo?
|I try and take in at least one show a year.||
|I usually attend one every few years.||
|There are so many tire maker and distributor meetings each year, I don’t see a need to attend one of the national shows.||
|I don’t find value in these shows and haven’t been to one in years.||
|I’d like to but I am too busy||