Seoul: Kumho Tire Co. on Thursday reported a second-quarter net profit of 137.8 billion won (US$95.8 million), marking a significant increase of 2,385.5 percent from the same period last year. The company also announced an operating profit of 182.2 billion won for the April-June period, which represents a 4 percent increase from the previous year. Revenue for the quarter rose by 9.1 percent to reach 1.33 trillion won.

According to Yonhap News Agency, the earnings figures surpassed market expectations. Analysts, on average, had estimated a net profit of 86.8 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.