Seoul, Korea -- Korean tyre maker Hankook Tire wants to be the fifth largest tyre maker in the world by 2012. Just a week ago Korean competitor Kumho announced its ambition to rise to fifth position by 2015.
Hankook's CEO Cho Choong-hwan said the growth will come from China, but that his company will also make inroads in Europe and elsewhere, according to reports in the Korean press.
Cho was speaking at the company's results meeting where Hankook reported a 22 percent decline in earnings due to increased rubber prices and currency effects.
The company reported net income of 166 830 million Korean won (KRW) (â‚¬137.6 million) in the 12 months to December 2006, compared with 213 770 million won the previous year, the company said.
Sales grew 2.9 percent to KRW2.07 million million (â‚¬1708 million), but operating profit fell 24.3 percent to KRW174 530 million (â‚¬144 million), the company said.
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Source1 (Origin) story
Hankook Tire Aims for Number Five Spot Chosun (Korea)
Hankook Tire's 2006 earnings plunge on higher rubber prices Yonhap News Agency (Korea)