Hankook Sales Up, Ordinary Income Down in 2007

Hankook Tire reports positive sales and operating income results for 2007. The tyremaker has recorded sales of 2.253 trillion won (£1.2 billion), an increase of 9.2 per cent on its 2006 results. Operating income jumped 57.4 per cent from 174.54 billion won (£94.5 million) in 2006 to 274.79 billion won (£148.7 million) last year.

The company’s ordinary income results for the year were less positive: In 2007 this was recorded as 227.18 billion won (£122.9 million), a slightly lower (-1.0 per cent) figure than in 2006. The company has not as yet reported its net income for 2007, however fourth quarter (to December 2007) net profit declined 72.1 per cent from a year earlier to 7.04 billion won (£3.8 million). Hankook attributed this significant drop in quarterly profit to increases in raw material costs.