Hankook Tire announces financial results
Operating profit increases by 9.9% in Q3 2014
Hankook Tire announced 3.3% increase in sales and 9.9% growth in operating profit for the third quarter of 2014, with its global consolidated sales amounting to $1.5 billion, and operating profit at $255.8 million for the period.
In the past three quarters of 2014, the accumulated sales of Ultra High Performance (UHP) tyres accounted for 31% of the company’s gross sales revenue, up almost 3% than the sales portion of UHP tyres for the same period in 2013, which marked 28.4% in total.
Hankook also reported increases of 15.4% in Europe, and 10.3% North America, compared to the second quarter. The latter is greatly a result of the firm’s strengthened distributor channels in the North America.
Hankook recently announced several OE announcements including a supply agreement of the company’s runflat tyres for German premium car manufacturers. The firm is also expecting completions of its new research and development centres in Korea, called Hankook Technodome, and its new Tennessee Plant, the US, due for completion in 2016.
