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Title Nexen Tire announces Sales and Operating Profit of 1 Q of 2011
Nexen Tire announces Sales and Operating Profit of 1 Q of 2011
Nexen tire announced its sales and operating profit of first quarter of 2011 on April 28. “Based on IFRS (International Financial Reporting Standards), we made sales of 337.2 billion won in the first quarter, which has improved by 26.9% from the same period last year.” Nexen Tire official says.
Despite all the setbacks in the 1st quarter like the exchange rate depreciation and the raw material price rise including natural rubber, improvement in the overseas market and OE sales increase resulted in great performance exceeding the market expectations.” Nexen Tire says.
Famous Korean brands such as K5 and New Grandeur made successive OE contracts with Nexen, tremendously improving the sales by 77.4% compared to the same period of the previous year. Customized marketing strategy and the enhanced brand power also boosted the export sales by 17%.
Since turning to black last year, Qingdao plant made profits in the 1st quarter of 2011, the fourth year. Nexen Tire is acknowledged as a fast growing tire maker in the Chinese OE market and is showing a lot of potential.