Hankook reported its financial results for the second quarter of 2017 with global sales of 1,341 billion euros and an operating profit of 163,9 million euros. Compared with the same period last year, overall sales and operating profit decreased by 3,5% and 34,4% respectively.

The company attributes the decline in operating profit mainly to the increased price of raw materials, which has impacted the majority of tire manufacturers worldwide. Sales nevertheless saw a 1,7% increase in comparison to the first quarter.

The company also stresses that UHPT sales marked a 1,7% increase in comparison to the same period last year. This segment alone accounts for 36,9% of total company sales for Q2 2017.

Hankook Tire has stated that it plans to expand its UHPT segment in order to “respond flexibly to the changes in the automobile industry.”