Bogged down by deteriorating sales and rising costs, its revenue in the period fell 3.8 percent on-year to 1.76 trillion won and operating profit by 15 percent to 184.6 billion won. Its Tennessee factory has not yet reached breakeven point which is worrisome, said analyst Kwon Soon-woo.
Increasing shares of over-17 inch tire sales and price rise as well as growing expectations for larger dividends, however, are positive, added the analyst maintaining a “buy” recommendation.
By Hwang You-mee (glamazon@heraldcorp.com)