Korea's Kumho forecasts 8.7% sales increase in '03

03 January 2003 02:18  [Source: ICIS news]

SINGAPORE (CNI)--South Korea's Kumho Group hopes to post Won7.5trn ($6.23bn/Euro6.03bn) in sales in 2003 - up by 8.7% from 2002, the group said in a statement.

Kumho said its 2003 operating profit is targeted to rise 14% year-on-year to Won750bn, with pre-tax profit reaching Won500bn.

In 2002, Kumho Group's sales rose by 6.1% year-on-year to Won6.9trn and operating profit increased by 55% to Won660bn.
 
Kumho Group comprises the flag-carrier Asiana Airlines, Kumho Industrial Co and Korea Kumho Petrochemical Co. Separate forecasts for the petrochemical division were not immediately available.

The earnings forecasts do not include the earnings of the group's financial affiliates, such as Kumho Merchant Bank.

After suffering from mounting debt and losses by key affiliates in 2001, Kumho Group sought to restructure by selling various assets by the end of 2002. However, the group failed to complete its planned asset sales on schedule and is still seeking to find investors.

By: James Dallmeyer
+65 6780 4359

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