UHP tires drive Hankook to 23% profit

Seoul – Hankook Tire has posted a 23% rise in operating profit for the third quarter at KRW297.1 billion (€236.2 billion) on global sales of KRW 1.657 trillion, the South Korean tire-maker announced 4 Nov.

While markets generally remained flat, sales of UHP and “OE premium” tires bolstered Hankook’s financial results, especially in Europe and China markets.

The replacement market was stable for the three months to the end of September, the tire maker added.

"Revenue from UHP tire sales resulted in a consistently upward trend, accounting for 34.2% of the company’s total sales," the company added.

In the same quarter last year, however, Hankook announced that the UHP tire segment contributed to 40% of its total sales.

Hankook, which already supplies OE truck and bus tires to Daimler AG and MAN, expanded its portfolio by becoming a supplier to for Scania in Europe as well.

Hankook Tire aims to strengthen its brand portfolio through a multi-brand strategy to meet various customers’ needs around the globe.