Company attributes strong growth to the Ultra-High Performance Tire market.

Hankook Tire has released its financial results for the first quarter of 2017, announcing sales totalling $1.95 billion CAD and an operating profit of $2.74 billion. The figures are based on global consolidated business results.

Hankook Tire’s strong first quarter growth is largely attributable to the sales performance of the Ultra-High Performance Tire (UHPT) and an overall sales increase in numerous regions.

UHPT sales grew 1.4% compared to last year accounting for 36.6% of the company’s total first quarter sales.

Hankook Tire plans to expand sales of the UHPT as well as tires 17-inches or larger to support an expected increase in demand.