Hankook Reports Second Quarter Financial Results

Autosphere » Tires » Hankook Reports Second Quarter Financial Results

Hankook Tire has released its financial results for the second quarter of 2018.

With consolidated global sales of $2.38 billion CAD and an operating profit of $208.9 million CAD, the tire maker states this achievement was attributable in large part to an increase in premium Original Equipment supply and stable sales growth, particularly in Europe and China.

Domestically, this growth was driven by enhancements to Hankook’s retail network as a result of its distribution innovation strategy as well as an increase in sales of high-inch tires, particularly for large premium vehicles.

However, the tire manufacturer said it experienced a decrease in operating profit of about 10 percent YoY due to the initial operations cost of its US-based manufacturing plant in Tennessee as well as an increase in competition in the domestic market.

Hankook said it will continue to focus on its premium tire lines through expanding its ultra-high-performance tire line-up, accelerating it towards a global top-tier company.

Categories : Tires

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