Nexen reports increased sales, profit in Q2

ERJ staff report (DS)

Seoul -- Nexen Tire has reported higher sales and profits for the three months ended 30 June 2012. The company said sales in the period grew by 30 percent to KRW 433,300 million (euro 312 million). Operating profits nearly doubled to KRW 51,800 million from KRW 27,200 million.

The company said sales of ultra-high performance (UHP) tyres increased 31 percent year on year. In the most recent quarter, UHP tyres made up 28 percent of total sales, up from 26.9 percent in the second quarter of 2011. In terms of revenues, UHP tyres brought in 33.9 percent of the total in the most recent quarter, up from 32.3 percent a year earlier.

North America was Nexen's biggest market for UHP tyres, generating 42 percent of revenues in KRW terms. Europe was less, generating just 16.9 percent of revenues, while Korea alone generated 7.4 percent.

Sales in China grew 42 percent year onyear, to RMB 104 million from RMB 73 million a year earlier. Gross profit in Chinaincreased by 42 percent to RMB 104 million, to an operating margin of 21.7 percent

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Press release from Nexen Tire