Hankook Tire reports 18% increase in operating profit

Seoul – Hankook Tire has seen its third quarter sales and operating profit increase year-on-year, helped by ‘innovative R&D and brand strategies’.

Operating profit for the three months to end of September increase 18.6% year-on-year to KRW470 billion (€315 million), on 4.1% increase in sales to KRW2,400 billion.

The company maintained ‘steady growth’ despite economic challenges in Europe, Hankook reported 4 Oct.

The Seoul-based manufacturer said its “continued investment in research and development (R&D) and its premium brand strategy have delivered positive results.”

In the third quarter, sales of 18-inch and larger passenger car and light truck tires increased by 1.4 percentage points year-on-year, reaching 44.8%.

Regionally, the largest share of high-inch passenger car tire sales was in China at 66.5%, followed by South Korea at 58%, North America at 52.8%, and Europe at 34.6%.

Furthermore, Hankook said it had expanded its supply of OE tires to premium automotive brands, including high-performance vehicles such as the BMW M5 and Mercedes-AMG GT Coupé.