Hankook maintains operating profit in 2014

Following on from the release of its fourth quarter figures, Hankook Tire has published its full-year 2014 results and describes its performance during the year as “solid”. On the back of sales amounting to KRW 6,679.5 billion (£4.0 billion), a result 5.5 per cent below that achieved in 2013, the tyre maker managed to maintain operating profit, which at KRW 1,031.1 billion (£620.0 million) was virtually the same as a year earlier. The profit to sales ratio was 15.4 per cent.

Hankook Tire shares that “positive sales growth” in the ultra-high performance tyre segment and an expansion of its original equipment business contributed to these “encouraging” financial results. Revenue from UHP tyre sales increased 6.8 per cent year-on-year and accounted for approximately 30 per cent of Hankook Tire’s entire global sales. Sales of the company’s run-flat tyre and motorsport tyres grew 10.8 per cent year-on-year.

“Our strong performance in 2014 will serve as the foundation for Hankook Tire’s plans to grow and expand its impact on the global tyre market,” commented Seung Hwa Suh, vice-chairman and CEO of Hankook Tire. “Hankook Tire takes innovation seriously, and we will continue to act as leaders in the UHP tyre segment. By targeting North America and the emerging markets, Hankook Tire’s future-oriented growth strategy will place us on track to become one of the world’s leading tyre companies.”