Premium tyre maker Hankook reported its financial results for the second quarter of 2017 with global sales of KRW 1.667 trillion (1.341 billion Euro) and an operating profit of KRW 203.7 billion (163.9 million Euro).
Hankook Tire’s 2Q sales increased by 1.7 per cent compared to the previous quarter, while its operating profit decreased by 12.3 per cent. Compared with the same period last year, overall sales and operating profit decreased by 3.5 per cent and 34.4 per cent respectively. The decline in operating profit is mainly due to the increased price of raw materials.
In contrast, Hankook Tire’s quarter-on-quarter sales revenue increased, with growth outpacing the market. Sales in the Ultra High Performance Tyre (UHPT) segment have also continuously grown. UHPT sales ratio increased by 1.7 per cent, accounting for 36.9 per cent of total sales generated during the second quarter. Hankook Tire is planning to expand the UHPT segments and respond flexibly to the changes in the automobile industry.