Sales, profit down for Hankook Tire in Q4 2014

Hankook Tire reports that its sales during the fourth quarter of 2014 declined 5.2 per cent year-on-year, while operating profit decreased 4.3 per cent. In a disclosure lodged with the Korea Stock Exchange on 30 January, the tyre maker gave its sales for the final quarter of last year as KRW 1,628.1 billion (£982.6 million). Sales were KRW 1,715.5 billion in the third quarter of 2014 and KRW 1,171.9 billion in the fourth quarter of 2013.

Operating profit declined from KRW 254.8 billion in the last quarter of 2013 to KRW 243.8 billion (£147.1 million) a year later. Third quarter 2014 operating profit was KRW 275.9 billion. Net profit from continuing operations (before corporate income tax) shrank 11.2 per cent year-on-year to KRW 204.1 billion (£123.2 million) in the fourth quarter of 2014.

For the 2015 financial year, Hankook Tire forecasts sales of KRW 7,250 billion (£4.4 billion) and operating income of KRW 1,035 billion (£624.6 million). These figures respectively represent an 8.5 per cent and 0.4 per cent improvement on the company’s 2014 results.