Premium tyre maker Hankook announced its financial results for the third quarter of 2017 with global sales of KRW 1.824 trillion (1.371 billion Euro) and an operating profit of KRW 214.1 billion (161 million Euro).
Compared to the second quarter of 2017, sales and operating profit increased by 9.5 per cent and 4.6 per cent respectively. In comparison to the third quarter of 2016, sales increased by 10.1 per cent and operating profit decreased by 29.2 per cent.
The increase in sales is attributed to the stable sales of Ultra High Performance Tyres (UHPT) and increased sales of winter tyres in Europe. Moreover, a strong increase in sales in the UHPT-segment and an expanded supply of premium original equipment tyres (OET) in the Chinese market drove the sales growth. Sales in emerging markets in the ASEAN region, such as Indonesia, also contributed to the increase in sales.