Seoul – South Korean tire-maker Hankook has posted a strong second quarter, with operating profit showing more than 54 percent rise compared to the same period in 2015.
Global sales grew to KRW1.72 trillion (€ 1.315 billion) compared to KRW 1.61 trillion in 2015 and operating profit rose to KRW 310.2 billion from KRW 201 billion the previous year.
The growth in sales, according to Hankook, was driven by a rise in UHP (ultra-high-performance) tire sales in Europe and North America as well as the expansion of overseas OE tire sales.
According to Hankook, the UHP segment sales increased by 2.6 percent compared to the previous year. The segment accounts for 37.7 percent of overall sales and is growing in Europe and North America.
The Korean tire-maker added that OE agreements had contributed to the growth. This included new fitments on the BMW 7-Series and the Porsche Macan.