Hankook Tire Doubles Quarterly Operating Profits

Hankook Tire has reported strong second quarter sales of 1,257.3 billion won (£613.945 million; 715.822 million euros; 1.009 billion), up 10.3 per cent from 1,111.7 billion won (£545.693 million; 637.191 million euros; $893.855 million) in the second quarter of 2008. However, the company also recorded a 239.6 per cent increase in quarterly operating profits, which grew from 79.0 billion won to 144.8 billion won (£71.098 million; 82.944 million; $116.456 million) in the second quarters of 2008 and 2009 respectively.

The Hankook Tire China and Hungary operation saw record-high growth that led to a triple-digit percentage increase in its operating profit figures. In particular, the China operation reportedly recorded a 34.8 per cent sales increase quarter-on-quarter due to an increase in consumer demands and OE supplies, in line with the growing Chinese automotive industry. The Hungary operation showed a 44.6% sales increase year-on-year and resulted in operating profits following growth in the European market and cost efficient production.