Nexen Q1 earnings, sales up

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SEOUL, South Korea (May 20, 2014) — Nexen Tire Corp. reported a double-digit gain in operating for the quarter ended March 31 on 4.6-percent higher sales.

Operating income rose 12.8 percent to $50.4 million, while ordinary profit was up 2.4 percent to $40.8 million. Consolidated revenue rose to $424.3 million, as sales by the firm’s Chinese business unit jumped 7.8 percent while sales by the Korean unit dropped 2.7 percent.

Sales of high-performance tires jumped 13.5 percent, Nexen reported, and now account for 37.6 percent of net sales and 32.9 percent of unit volumes.

Nexen didn’t offer any commentary on the quarterly results.

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