Seoul– Hankook Tire Co. Ltd has released its annual results for 2014, registering a 5.5-percent drop in sales. Operating income remained almost unchanged compared with 2013.
Global annual revenues reached €4.78 billion and operating profit of €737.1 million for the fiscal year 2014, the company announced.
Operating income, said Hankook, was on par with 2013 mainly due to “adverse market conditions caused by the global economic recession”.The company added that it achieved a “healthy” profit-to-sales ratio of 15.4 percent.
The Korean tire maker highlighted sales growth in the ultra high performance (UHP) tire segment, saying that the premium OE business expansion contributed to its “encouraging” financial results.