Hankook Tire Announces 2018 Q2 Financial Result
- - Sales growth in major markets such as Europe and China, and stable growth of OE resulted to sales increase of 2.3% YoY
- - Sales of high inch tires (over 17 inch) account for 52.1% of passenger car tire sales, a 3.5%p YOY increase, which will strengthen our premium brand reputation
August 2, 2018 (Seoul, Korea) - Premium tire maker Hankook Tire announced the company’s 2018 Q2 financial result with consolidated global sales of KRW 1.706 trillion and an operating profit of KRW 183.2 billion.
YOY sales increased by 2.3%, attributed to balanced growth in all regions such as Europe, China, and US, and OE tire expansion based on global top-tier technology and premium product quality. Moreover, the sales of high inch tires (over 17 inch) accounted for 52.1% of passenger car tires, leading to 3.5%p YOY increase and enhancing premium brand image.
Hankook Tire’s achievement was driven by increase in premium OE supply and stable sales growth, especially in Europe and China. As for the domestic market, owing to the enhancement of retail network competence based on distribution innovation strategy, high inch tire sales increased mainly for large, premium vehicles. Meanwhile, due to the initial operation cost of US Tennessee Plant and increase in competition within the domestic market, the operating profit decreased YoY by around 10%.
Hankook Tire plans to accelerate its road toward a global top-tier company by strengthening competitiveness in premium product lines through expanding ultra-high performance tire (UHPT) line-up with focus on over-17-inch high inch tires that are expected to see growth in sales. During the latter half of this year, through the stabilization of the US Tennessee plant and sales increase of RE tires in the domestic market, sales performance is expected to be improved.
Q2 2018 Consolidated Financial Result
|(Unit: Billion KRW)||Q2 FY 2017||Q1 FY 2018||Q2 FY 2018|
|(Unit: Million USD)||Q2 FY 2017||Q1 FY 2018||Q2 FY 2018|
|(Unit: Million EUR)||Q2 FY 2017||Q1 FY 2018||Q2 FY 2018|
|Q2 FY 2017||Q1 FY 2018||Q2 FY 2018|
|USD / KRW||1,129.43||1,072.29||1,078.57|
|EUR / KRW||1,242.84||1,317.24||1,286.84|