UHP sales fuel Hankook 3Q profits rise
Hankook Tyre, reported in NZ News, says that its operating profit jumped 21.7 per cent in the third quarter from a year earlier, fueled by brisk overseas sales of its ultra-high performance (UHP) tyres. Operating profit reached 219.6 billion won (US$ 201 million) in the three months ending Sept. 30, up 21.7 per cent from the same period last year.
The tyre maker saw its sales expand 5.8 per cent in the third quarter from a year earlier to 1.79 trillion won, continuing to meet its upward momentum.
The good earnings result was mainly attributed to robust sales of UHP tyres in China and North America. The company’s UHP revenues in North America soared 68.9 per cent year-on-year in the third quarter, with figures for China and Europe jumping 50 per cent and 10.9 percent respectively. “Increasing demand in our UHP tyres added with our strategic expansion in key emerging markets were key contributors to our growth despite the global economy experiencing persistent stagnation and the eurozone crisis,” Suh Seung-hwa, vice chairman and chief executive of Hankook Tyre is reported as saying.
In addition to the healthy demand for UHP tyres, new original equipment (OE) fitment agreements in China and North America also contributed to the business growth.
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