2008 Sees Reduced Profits for Hankook Tire

Hankook Tire’s figures for 2008 reveal global tyre sales of KRW 4.07 trillion (£2.04 billion) during the year. This is, in the Korean currency, an increase of 25.8 per cent over 2007 tyre sales. Certain regions displayed a significant growth rate in sales: Russia saw an increase of 98 per cent, followed by a 50 per cent increase in Central and South America. In terms of product sales, the company UHP sector sales for 2008 were 35 per cent up on the previous year, and up 48 per cent in Europe.

“Our continuous efforts for new partnerships with various automobile institutions and the tailoring of our products to the current environmental sustainability standards has allowed us to deliver quality products to our consumers by leveraging our Kontrol Technology in the development of our UHP products,” said CEO Mr. Seung Hwa Suh.

The company’s operating profit from tyre sales in 2008 was KRW 114.2 billion (£57.25 million), a decrease of 56.7 per cent on the previous year, and recurring profit was down 98.5 per cent to KRW 3.4 billion won (£1.70 million). Hankook Tire, however, says it remains positive about growth prospects for 2009.

“I am pleased with our results this year, and look forward to the year ahead,” said Mr. Suh. “Despite the current economic climate, I believe that Hankook Tire will be able to move forward by continuing to take our utmost efforts in tailoring to the needs of each and every market worldwide through on-going research and development for innovative products. We hope to increase distribution, and strengthen our brand value by providing quality products and growing as a strategically strong company that carries effective corporate management and manpower with in Hankook Tire, worldwide.”