Nexen OE sales up 47% in Q3
During the third quarter of 2013, net sales at Nexen Tire Corporation declined 2.9 per cent to KRW 438.5 billion (£253.9 million), the company reports. Gross profit rose 3.6 per cent compared with a year earlier to KRW 124.7 billion (£72.2 million) while operating profit was 12.1 per cent down at KRW 46.3 billion (£26.8 million). EBITDA was 3.1 per cent lower at KRW 71.9 billion (£41.6 million), with the margin stable at 16.4 per cent.
European sales amounted to KRW 99.9 billion (£57.8 million), up 13.8 per cent year-on-year and 22.5 per cent of total sales. North America remained Nexen’s largest market with third quarter sales of KRW 104.6 billion (£60.6 million), however this was 19.0 per cent lower than a year earlier and 16.4 per cent less than in the second quarter of 2013. Sales in China jumped 66.4 per cent year-on-year to KRW 12.4 billion (£7.2 million). Original equipment sales were up 46.7 per cent year-on-year to KRW 78.0 billion (£45.2 million) and now represent 17.6 per cent of total sales.