Hankook's Q3 revenues continue record run, but profits fall

ERJ staff report (DS)

Neu-Isenburg, Germany, 18th October 2011 -- Hankook Tire released record sales figures for the third quarter with global consolidated sales totaling KRW1.69 trillion (euro 1079million), 23.0 percent ahead of the same period a year ago. The company's third quarter operating profit recorded KRW 129.9 billion.

The comapny said it recorded balanced growth in all markets from last year's third quarter. The sales growth was particularly evident in the developed markets. Hankook said revenues were up by 50 percent in Europe and up by 30 perent in North America. In the emerging markets, the company reported 27 percent growth in Asia and 36 percent growth in the Middle East.

Positive performance was shown in the company's overseas original equipment business, recording a 65.7 percent YoY growth. Hankook Tire in 2011 made major announcements of new fitment installment contracts with the top automobile brands including 2011 Ford Explorer and the BMW Group's MINI models.

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Press release from Hankook