Hankook Q1 earnings up, sales down slightly

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.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Article from Tire Business