Hankook sales up in 1st quarter on increased exports

Seoul, South Korea –Despite a 6.3-percent increase in sales in the first quarter, Hankook Tire Co. Ltd. saw operating profit slide 2.4 percent on the negative effects of higher raw materials costs and foreign currency translation losses.

Hankook’s sales grew to $464.1 million during the quarter on the strength of 10.3-percent higher tyre export revenue, the company reported. Operating profit fell to $66.7 million, but net earnings rose 4 percent to $55.3 million.

During the quarter, spending on raw materials rose 24 percent, including a 31-percent jump…

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