Hankook sales, profits up in second quarter

Hankook Tire reports higher revenues and operating profit for the second quarter of 2012. The Korean tyre maker’s revenues rose 18.5 per cent year-on-year to KRW 1.84 trillion (£1.03 billion) in the three months to 30 June and operating profit jumped 112.1 per cent to KRW 215.5 billion (£121.15 million).

Sales to original equipment customers outside of Korea rose 41.3 per cent year-on-year, the company reports, while ultra high performance product sales increased 22.2 per cent. International OEM sales for the ultra high performance segment came were up 38.3 per cent, and the largest regional growth for the ultra high performance segment occurred in North America, where sales increased 30 per cent year-on-year.

“The healthy, momentous growth we’re experiencing is largely due to our unyielding will to develop premium UHP tyres and environmentally friendly products through our advanced cutting-edge tyre technology,” stated Hankook Tire vice-chairman and CEO Seung Hwa Suh. “With our relentless efforts to serve global customers with best quality and service, we will continue to expand our distribution network and raise our marketing activities around the world, strengthening our position as a leading global tyre company.”