Hankook reports higher sales, profits in Q2 2016

Both sales and operating profit were up year-on-year at Hankook Tire in the second quarter of 2016. The tyre maker comments that sales growth was driven by higher sales of UHP tyres in Europe and North America and higher original equipment sales outside of the company’s South Korean home market.

Sales amounted to KRW 1.7 trillion (£1.2 billion) in the three months to 30 June, a 6.6 per cent increase on the corresponding of 2015; the UHP segment rose 2.6 per cent and accounted for 37.7 per cent of all sales. Operating profit amounted to KRW 310.2 billion (£218.5 million) and was 54.3 per cent higher than in Q2 2015.