Net Income, Profit up for Hankook

Net income of 66.7 billion won (£35.7 million) has seen second-quarter profit for South Korea’s largest tyremaker increase by 52 per cent. Hankook Tire reported in a regulatory filing that the quarter’s sales also went up, by 8.2 per cent to 559.2 billion won (£300 million). The increased focus on the more lucrative high performance tyre market has been credited as a factor in the company’s positive results. Hankook’s overseas operations have also played a role.

Hankook expects to boost net income by 36 per cent this year to 226.9 billion won (£121.6 million), largely thanks to exports and higher OE sales to luxury vehicle manufacturers.