Hankook Reports Decline in Quarterly Earnings

Hankook Tire Co. reported a 23.9 per cent decline in quarterly earnings, based on a stronger won and high raw materials costs, and the company has downgraded its full-year outlook, as reported by the Korea Times.

Net profit totalled £24 million ($45.49 million) for the three months ending 30 June. Sales dropped 0.

7 per cent, while operating profit declined 32.8 per cent. In the first half of the year, Hankook’s net profit was down 12.

2 per cent from the previous year. Revenue grew 1.05 per cent, but operating profit fell 29.