Nexen Tire Corp., Korea's third-largest tire maker, said Wednesday that its third-quarter operating profit jumped 77 percent from a year earlier thanks to robust sales of its tires.
Operating profit came to 51.3 billion won ($47 million) in the July-September period, compared with an operating profit of 29 billion won a year ago, the company said in a regulatory filing.
Sales rose 22.9 percent on-year to 450.3 billion won from 366.4 billion won a year earlier, fueled by increased domestic and overseas demand for its tire products.
The company did not release its net profit for the three-month period.
"Despite a slowdown in the global economy, improved quality and better brand image led the brisk sales in the third quarter," said the company in a separate release.
For the first nine months of the year, its sales jumped 25.4 percent on-year to 1.3 trillion won and operating profit rose surged 70.1 percent to 153.3 billion won.
Shares of Nexen Tire were trading at 16,750 won on the Seoul bourse as of 11:25 a.m., up 2.14 percent from the previous session. (Yonhap)
Operating profit came to 51.3 billion won ($47 million) in the July-September period, compared with an operating profit of 29 billion won a year ago, the company said in a regulatory filing.
Sales rose 22.9 percent on-year to 450.3 billion won from 366.4 billion won a year earlier, fueled by increased domestic and overseas demand for its tire products.
The company did not release its net profit for the three-month period.
"Despite a slowdown in the global economy, improved quality and better brand image led the brisk sales in the third quarter," said the company in a separate release.
For the first nine months of the year, its sales jumped 25.4 percent on-year to 1.3 trillion won and operating profit rose surged 70.1 percent to 153.3 billion won.
Shares of Nexen Tire were trading at 16,750 won on the Seoul bourse as of 11:25 a.m., up 2.14 percent from the previous session. (Yonhap)
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