Hankook reports record sales in third quarter

Hankook Tire reported third quarter 2011 global sales of 1.69 trillion won a 23 per cent increase from the same period last year. The tyremaker’s third quarter operating profit came in a 129.9 billion won.

“Hankook Tire has posted continuous growth every quarter in 2011 as a result of upgraded brand value and increased recognition for high-quality tires, based on cutting-edge technology,” the company said in a statement. The third quarter achievements were further driven by ongoing efforts to diversify markets, improve productivity and develop customized tires for global customers, Hankook added.

Hankook reported it sold 49.6 per cent and 30.1 per cent more tyres than last year in Europe and North America, respectively. In the emerging markets, the company achieved 36.2 per cent and 26.7 per cent year-on-year growth in the Middle East and Asia Pacific regions, respectively.

The tyremaker saw year-on-year growth of 65.7 per cent in overseas OE business, and a 47.7 per cent increase in sales of UHP tyres. Hankook’s Korea operation more than doubled the sales of UHP tyre supply to domestic automakers, and sold 79.6 per cent more UHP tyres to overseas automobile brands than last year, the company said.

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