Nexen makes little progress in 2013

In the previous financial year, Nexen Tire only managed to slightly increase its global turnover. The third-largest Korean tyre maker reported a 2013 turnover of KRW 1.73 trillion (£973.38 million), just 1.3 per cent higher than in 2012. Income also came under pressure. While operating profit amounted to KRW 177 billion (£99.38 million) and lay 1.9 per cent below the previous year’s result, net profit decreased 7.8 per cent to KRW 124 billion (£69.63 million). Nevertheless, Nexen Tire was able to report an operating margin of 10.2 per cent.

Sales of UHP tyres showed a particular decrease towards the end of last year, declining by almost ten per cent in the final quarter.