Growth in Europe boosts Nexen Tire’s Q3 2017 sales
In the third quarter of this year, Nexen Tire increased its turnover by 12.1 per cent to KRW 526.9 billion (£360.9 million). This growth resulted from varied performance in the company’s regional markets. While sales were slightly down in North America and in Nexen’s home market of South Korea, the country’s third largest tyre maker turnover in Europe was up by 34 per cent, to KRW 143.9 billion (£98.5 million). Sales within the original equipment sector were also higher, and accounted for approximately half the overall increase in turnover.
Operating profit came under significant pressure within the reporting period and contracted by 27.1 per cent to KRW 48 billion (£32.9 million). Operating margin, 9.1 per cent a year ago, was 4.8 per cent.
Further information about Nexen Tire’s Q3 2017 financial performance can be found in the Tyrepress.com company profiles and reports section.