Seoul: Kumho Tire Co. on Friday reported its fourth-quarter net profit of 176.7 billion won (US$120.3 million), marking a 101.6 percent increase from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that it achieved an operating profit of 145.3 billion won for the quarter, a slight decline from the 151.2 billion won recorded in the same period last year. Despite this, the company's revenue experienced a 6.5 percent drop, amounting to 1.16 trillion won.
The reported earnings surpassed market expectations significantly. Analysts had projected an average net profit of 60.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.