Seoul, South Korea – Hankook Tire Co. Ltd.'s operating profit fell 8% in the quarter ended 31 March to $200.8 million (€183 million), despite a 0.8% increase in sales to $1.43 billion.
The company did not disclose what impacted its profits, but attributed its sales performance to its ultra-high performance tires and overall sales increase across different regions.
Sales of UHP tires increased 1.4%, compared with the same period last year. They accounted for 36.7% of total sales generated during the first quarter, the company said.
UHP sales increased 11% and 26% in Europe and China, respectively, "mainly drive" the tire maker said.
Hankook said it will "sharpen its competitive edge in premium tires" and is planning to expand sales of UHP tires and 17-inch or larger tires as future demands are expected to increase.