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Hankook Tire Reports Solid Financial Results for the Third Quarter of 2016
- - Hankook Tire achieved sales revenues of KRW 1.657 trillion and an operating profit of KRW 297.1 billion in the third quarter of 2016
November 2, 2016 (Seoul, Korea) – Hankook Tire today announced its financial results for the third quarter of 2016 with global sales revenue of KRW 1.657 trillion and an operating profit of KRW 297.1 billion. Operating profit increased 23% compared to same period of last year.
Despite slower demand in the global market, positive sales in the UHPT (Ultra High Performance Tire) segment and the premium OET (Original Equipment Tire) helped achieve the encouraging financial results, especially in Europe and China markets. Hankook Tire managed to secure stable sales results contributed by RET (Replacement Tire) as well.
Notably, revenue from UHPT sales continued consistently upward trend, accounting for 34.2% of the company’s total sales led by Hankook Tire’s continual technology leadership. The company has proven its global top-tier brand premium in global market with the OET supply portfolio expansion in TBR (Truck and Bus Radial) to include brands such as Scania in Europe.
Hankook Tire plans to further strengthen its brand portfolio through multi brand strategy to satisfy various customers’ needs in 180 countries around the globe, while implementing innovative technology leadership through Hankook Technodome, which recently opened on October 18, 2016.