ERJ staff report (TB)
Seoul, South Korea – Hankook Tire Co. Inc. reported 9.9-percent improved operating income for the quarter ended 30 September 30 on marginally better sales, according to Tire Business.
Hankook attributed the improved earnings, to $219.6m (€160m), to its expanding OE portfolio with European and Japanese car makers.
Revenue for the quarter increased 0.8 percent to $1.62 billion (€1.18 billion), resulting in an improved operating margin of 13.6 percent, a full percentage point higher than a year ago.
Hankook did not disclose net earnings or any data related to regional performance.
"Our expanding premium OE portfolio was the key attribute behind this quarter's solid business performance, …" said Hankook Vice Chairman and CEO Seung Hwa Suh.
Suh also noted that Hankook's ongoing investment programme – a new Indonesia plant, plans for a US plant, and R&D expansions in Korea – represents a "stronger springboard for growth…."