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Kumho Tire Co., South Korea's second-biggest tiremaker by sales, said Monday that it continued to suffer an operating loss in the second quarter of the year, due to sluggish sales in overseas markets.
The tiremaker logged an operating loss of 23 billion won ($20 million) in the April-June period following an operating loss of 28 billion won the previous quarter.
Sales increased 6.4 percent on-year to reach 712 billion won in the second quarter, it added.
The tiremaker logged an operating loss of 23 billion won ($20 million) in the April-June period following an operating loss of 28 billion won the previous quarter.
Sales increased 6.4 percent on-year to reach 712 billion won in the second quarter, it added.
The company also suffered a net loss of 59 billion won in the second quarter.
Sharp declines in tire sales in China amid a row over the deployment of the Terminal High Altitude Area Defense system hurt its bottom line.
South Korean companies with operations in China have suffered declining sales due to local campaigns against Korean products.
China has opposed the installation of a U.S. anti-missile system in South Korea, arguing its powerful X-band radar could be used against it. Seoul and Washington have said it is aimed at countering missile threats from North Korea.
Creditors of Kumho Tire are seeking to sell the tiremaker to a Chinese firm. (Yonhap)
