UHP tyre sales key to rising Hankook operating profit

Hankook Tire says sales of its UHP tyres were a “key growth driver” in boosting operating profit last year. Accumulated UHP segment sales accounted for 26.5 per cent of Hankook Tire’s entire global sales; UHP tyre sales rose 3.4 per cent year-on-year, growth led by the Chinese and European markets, where accumulated UHP tyre sales rose 13.6 per cent and 12.9 per cent year-on-year respectively.

According to figures the South Korean tyre maker released this week, its fourth quarter 2013 operating profit was up 14.6 per cent year-on-year to KRW 254.8 billion (£142.2 million) and full-year operating profit grew 12.2 per cent to KRW 1,030.9 billion (£575.6 million).

“Based on our foresight into the future, Hankook Tire’s consistent investments and future-oriented R&D operation have greatly contributed to solidifying the company’s headway into becoming a global top-tier tyre brand,” said Hankook Tire vice-chairman and CEO Seung-Hwa Suh. “With a strong foundation based on proven technological excellence, Hankook Tire will further accelerate its business growth and therefore become a strong, reputable company contributing to advancement in driving in 2014.”