SEOUL, South Korea (May 8, 2013) —Kumho Tire Co. Ltd. posted net income of $116.2 million for fiscal 2012, reversing a net loss from a year ago, and recorded record sales of $3.62 billion, a gain of 4 percent.
The tire maker also registered a near doubling of operating income, to $334 million, or 9.2 percent of sales, according to figures in the firm's recently released fiscal 2012 summary report.
Kumho did not elaborate on the reasons for its turnaround, but said 2013 will be a "very important year" for the company as it tries to complete the conditions of its "workout" program—related to losses associated with parent Kumho Asiana Group—earlier than originally planned.
"In 2013, economic uncertainties from the previous year are expected to continue as a result of the economic crisis which started in Europe; lingering uncertainties about America's solution to deal with this problem; increasing volatility both politically and economically in Korea and overseas; and slow recovery efforts that center around newly developing economies," the company said in its report.
A key goal for growth in 2013, according to Kumho, will be its efforts to expand its market share in China.