ERJ staff report (TB)
Tire Business Staff
Seoul — Hankook Tire Co. Ltd. reported a 10.4-percent gain in operating income in the quarter ended 31 March on 1.7-percent lower sales.
Hankook attributed its earnings improvement, to $234.7 million, to increased sales of premium tires,both in the replacement and OE segments. Ultra-high-performance tire sales in Europe, for example, jumped 64 percent, while premium tire sales grew 40 percent in Asia/Pacific.
Hankook did not comment on its performance in North America.
Sales overall fell to $1.55 billion.
Hankook Vice Chairman and CEO Seung Hwa Suh credited his company's "foresighted mindset into the future and smart investment" for the firm's "robust" financial performance despite a slow tire market.
Hankook did not provide a forecast for the remainder of fiscal 2013.
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Article from Tire Business