Nexen Tire reports 4.7% y/y growth in 2014 net profits

Fourth quarter operating profits up 51.6% y/y

South Korea's Nexen Tire announced yesterday (28 January) that it posted a 4.7% year-on-year (y/y) gain in net profits for the full year 2014. According to a company statement, total net profits in the year stood at KRW129.8 billion (USD11.96 million). Operating profits also rose, by 18% y/y to KRW208.6 billion, despite sales revenues gaining just 1.8% y/y to KRW1.76 trillion. Total assets at the end of the year stood at KRW2.53 trillion, while liabilities were worth KRW1.6 trillion. During the fourth quarter, Nexen Tire posted operating profits of KRW56.4 billion, up 51.6% y/y, while sales revenues gained 7.7% y/y during the period to KRW437 billion.